How the Grinch stole my PIN

Contextualizing the finance news you need to know.

As an observer of the Mariah Carey Gregorian calendar, I firmly believe that the holiday season begins as soon as the last trick-or-treater falls asleep in a Snickers stupor. Unfortunately, financial trickery abounds during the online holiday shopping frenzy.

One study conducted for NortonLifeLock, a cybersecurity software firm, found that 36% of adults in the US have fallen victim to online shopping scams during the holidays. With that in mind, Money Scoop asked cybersecurity experts for tips to avoid gettin’ Grinched:

• Embrace the swipe: Opt for credit over debit when shopping online, says Kayla Williams, chief information security officer for security analytics firm Devo. “There are laws that limit your liability for fraudulent credit card charges, whereas if you use your debit card, the money comes directly out of your banking account,” Williams told Money Scoop.
• Look out for links: Carlton Perkins, principal solutions consultant for Waterfield Technologies, warned shoppers to stay vigilant when opening suspicious texts or emails—even if they appear to be from trusted vendors. “For example, you receive a message that your Netflix, Amazon, Wells Fargo, or AT&T account is locked,” Perkins told Money Scoop via email. “Don’t immediately try to resolve this issue using the email or the text you received on your mobile device. If you have an account, use the mobile application provided by this organization. Better yet, call the organization’s customer service.”
• Trust your gut: Tami Hudson, head of Wells Fargo’s Cyber Client Office Group, recommended shoppers adopt a healthy sense of skepticism. If an online deal seems too good to be true, Hudson advised Googling the seller alongside the word “scam” before submitting credit card information. “If something doesn’t feel right, trust your gut and walk away,” Hudson told Money Scoop.
• Do your homework: “Some shoppers shop directly from social media platforms, so they should purchase only from retailers or brands they recognize,” said Michael Habermann, the director of fraud services for Radial, an e-commerce resource company. “It’s important shoppers verify the legitimacy of any vendor they interact with.”

The holidays are stressful enough without targeted scams. Fortunately, with a little vigilance, you can keep your hard-earned dollars from roasting on an open fire. 🔥