How to Protect Your Financial Data this Holiday Season

Money & Relationships xmas header

For many Americans, the holiday season is the highlight of the year—whether it’s Mom’s mashed potatoes, exchanging presents with family and friends, or simply heading home for the holidays, it’s a time that many of us look forward to. But in addition to being one of the most highly anticipated times of the year, it also tends to hit your finances the hardest. According to a recent report published by the National Retail Foundation, Americans plan to spend an average of $1,047.83 this holiday season, up 4% from last year. 

All that holiday shopping means more transactions occurring on and offline, and ultimately, more vulnerability for your financial data—no matter where you’re doing your holiday shopping. In fact, Experian reports that 43% of consumers who’ve had their identity stolen said it happened while they were shopping online during the holiday season. That’s not to say identity theft and financial data breaches don’t happen when consumers shop in-store, though. Target’s 2013 holiday season breach cost them $18.5 million to reach a settlement with its shoppers in 47 different states.

What’s more, victims of financial fraud aren’t necessarily who you’d expect. According to the Federal Trade Commission’s 2018 Consumer Sentinel Network Report, 43% of fraud victims are between the ages of 20-29. 

So how do you continue on with your holiday shopping rituals without falling victim to a seasonal scam?

There are many ways you can implement safe-shopping tips this holiday season. From updating old passwords to learning how to report financial fraud, there are some things you should know before hitting the Black Friday or Cyber Monday sales this year.

View our infographic below to learn more about protecting your financial data:

protect financial data during the holidays infographic

Sources: 

Deloitte, Experian, FBI, FTC, Identity Theft Resource Center, IRS, Norton Security, NPR, Payment Source, USA.gov, VPP

Tags:

Leave a Reply

Your email address will not be published. Required fields are marked *