Black Friday and Cyber Monday bring plenty of opportunities to save, but they also create opportunities for scammers. Whether you're shopping for gifts, purchasing supplies for your business, or paying vendors, a little caution can help protect your money and financial information.
Watch for these five holiday shopping scam red flags and learn how to protect your bank accounts.
Red Flag #1: The Deal Seems Too Good to Be True
Unusually low prices can be tempting, but they may signal a fake website or fradulent seller.
Stay safe:
- Compare prices and research unfamiliar retailers before buying.
- Check reviews and verify the website address.
- Use trusted payment methods that offer fraud protection.
Red Flag #2: You Are Being Pressured to Act Fast
Messages such as "Limited-time offer!" or "Your package will be returned!" are designed to rush you into acting without thinking.
Businesses should also be cautious of urgent vendor payment requests or unexpected changes to payment instructions.
Stay safe:
- Pause before clicking links, making purchases, or sending money.
- Visit retailer websites directly instead of using links in unexpected emails or texts.
- Independently verify unusual payment requests or changes to vendor banking details using a trusted contact method.
Red Flag #3: You Are Asked to Pay in an Unusual Way
Requests to pay an online seller by gift card or cryptocurrency, or to send money through a peer-to-peer payment app, can signal a scam. Businesses should be wary of unusual payment instructions that bypass established procedures.
Stay safe:
- Avoid sellers who insist on unconvential payment methods.
- Never use gift cards to pay unexpected fees or delivery charges.
- Follow your business's payment approval procedures and verify unfamiliar requests before sending funds.
Red Flag #4: A Message Requests Personal or Financial Information
Scammers may impersonate retailers, shipping companies, vendors, or financial institutions to obtain passwords, payment details, or verification codes.
Stay safe:
- Never share password, PINs, or one-time verification codes.
- Be cautious of messages asking you to confirm account or payment information.
- Contact the organization directly using a trusted phone number or website.
Remember: Firstrust will never contact you and ask for your online banking password, PIN, or secure access code.
Red Flag #5: Something Doesn't Look Quite Right
Misspelled website addresses, suspicious links, poor grammar, and unexpected requests can all be warning signs. However, polished messages and professional-looking websites can be fraudulent, too.
Stay safe:
- Double-check website addresses before entering payment information.
- Look for https://, but remember that a secure connection alone doesn't prove a website is legitimate.
- Verify contact details and payment instructions independently.
- When something seems suspicious, stop and investigate before proceeding.
Protect Your Bank Accounts While You Shop
A few everday security habits can help protect your finances, whether you're managing personal accounts or business funds.
- Enable multifactor authentication wherever available.
- Use strong, unique passwords for banking and shopping accounts.
- Avoid accessing financial accounts over unsecured public Wi-Fi.
- Set up account alerts and regularly review transactions.
- Report suspicious or unauthorized activity promptly.
Business customers should also limit access to financial accounts to authorized users and follow established payment approval procedures.
Enjoy the Savings, Skip the Scams
Before making a purchase or sending a payment, take a moment to verify the seller, website, or request. Never share your banking credentials or security codes, and monitor your accounts for suspicious activity.
If you notice suspicious account activity or believe you've shared sensitive information with a scammer, contact Firstrust immediately at 800-220-BANK for help protecting your accounts and determining next steps.
A little extra caution can help you enjoy a safer holiday season, at home and at work.
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