Posted On: October 30, 2024 by Prevail Bank in: Banking
The holiday season is a time for joy, festivities, and shopping! While online shopping offers convenience, it also comes with risks. Scammers use this busy season to trick people out of their hard-earned money. At Prevail Bank, we want you to shop safely. Here’s how to spot online shopping scams and protect yourself.
1. Red Flags for Online Shopping Scams
Too-Good-To-Be-True Deals: Extremely low prices on high-demand items are often scams. If the price seems unrealistic, it probably is.
Unfamiliar Websites: Scam websites are often poorly designed and lack basic security features. Avoid sites that don’t have “https” in the URL or show a padlock symbol.
Pressure Tactics: Scammers create urgency, pressuring you to buy quickly before a deal ends. Always take time to verify the seller.
Unusual Payment Methods: Legitimate sellers typically accept credit cards or PayPal. Avoid sites asking for wire transfers, gift cards, or cryptocurrency payments.
2. How to Protect Yourself from Online Shopping Scams
a. Shop from Trusted Retailers
Stick to familiar, reputable retailers. For unfamiliar sites, check reviews, search for scam alerts, and verify the company’s legitimacy before making a purchase.
b. Use Secure Payment Methods
Credit cards offer fraud protection, allowing you to dispute charges. PayPal also provides a buffer between your financial information and the seller. Never make a purchase to unknown sellers with a prepaid debit card, a wire transfer, or through peer-to-peer apps.
c. Monitor Your Bank Statements
Keep an eye on your bank and credit card statements during the holiday season. In fact, consider checking your account daily for items that are clearing using online banking or the mobile app. Many banks, like us (Prevail Bank), offer real-time alerts to help you catch suspicious activity early. Credit Sense, another free service we provide, monitors your credit and issues alerts related to your credit report. The sooner unauthorized items are detected the better the outcome.
d. Beware of Phishing Emails
Scammers may send fake order confirmations or shipping notifications to trick you into revealing personal information. Always go directly to the retailer’s website or app to check your order status instead of clicking links from emails or texts.
e. Use Strong Passwords and Two-Factor Authentication
Keep your antivirus software up-to-date; protect your online accounts with strong, unique passwords, and enable two-factor authentication wherever possible.
f. Check for Secure Websites
Again, before entering your payment details, ensure the website is secure. Look for “https” in the URL and the padlock symbol to confirm encryption is in place.
3. What to Do if You’ve Been Scammed
If you think you’ve been scammed, act quickly.
- Contact Your Bank: Report the fraud to your bank or credit card issuer immediately. They can help you dispute the charges.
- Change Your Passwords: If you’ve shared personal information, update your passwords for all online accounts.
- Report the Scam: Notify the Federal Trade Commission (FTC) and the Better Business Bureau to help others avoid falling victim.
Prevail Bank is here to help keep your finances safe during the holiday season. Together, by staying alert and taking precautions, we can all enjoy the convenience of online shopping.
Other sources that Prevail Bank recommends reading relating to online shopping are:
- The BBB’s 12 Scams of Christmas
- Better Business Bureau’s – Don’t Let Scams Ruin the Holidays
- BBB Tip: Shop with Confidence on Cyber Monday
- Federal Trade Commission – Consumer Advice: Online Shopping
4. One Last Consideration
Consider shopping locally whenever you can. Online is great and convenient, but supporting the local community is huge! There is 0% chance of your purchase being fraud if you walk into a store, pay for your merchandise, and walk out with your item. Shopping locally boosts the community’s economy and helps create jobs. It also keeps more tax dollars within your area, which means better schools, roads, and public services. --- Supporting the communities we serve, keeping your finances secure, and helping you pursue your dreams are high priorities for us.
