Credit Union of Colorado offers top tips to fight financial fraud – Canon City Daily Record

With retail sales expected to grow 2.3% to 3.3% and e-commerce expected to grow 7% to 9% this holiday season, the urgency for consumers to protect themselves against of financial fraud has never been greater.

Last year, Coloradans faced a staggering $164 million loss to fraud, a significant increase from $140 million in 2022 and nearly double the amount reported in 2021, according to the Federal Trade Commission. Credit Union of Colorado is here to help with tips to keep your finances safe and prevent scammers from stealing your holiday joy.

Be careful when shopping online

According to the Better Business Bureau, online shopping scams are very common and more than 80% of those targeted lose money. As holiday shoppers rely on online shopping more than ever, it’s important to be vigilant.

Buy only from trusted online retailers.

Spelling mistakes in the website URL and on the website itself can indicate that the site is not legitimate.

Investigate website security. Secure websites will display a closed lock icon in the address bar. You can usually click the lock icon to view the certificate details.
Search for merchant names along with terms like “scam,” “complaints” or “reviews” and look for red flags.

Use traceable payment methods.

Being asked to pay using gift cards, cryptocurrencies or a bank transfer is a sign that the transaction may be a scam. It’s better to pay with a credit card or a peer-to-peer payment app like PayPal or Venmo that has purchase protection.

Beware of offers that seem too good to be true. One of the most commonly used online shopping scams are websites that offer highly sought-after products at surprisingly low prices. Once you check out, you get an order confirmation, but you never receive your purchase.

Don’t fall for the fake delivery scam

In 2023, the United States Post Office was the most worn out organization by fraudsters. Many of these scams involve fake delivery notification texts that entice you to click on malicious links that lead to fake websites that steal sensitive information or install malware.

During the holiday season, the temptation to click on unsolicited “track links” increases, especially with the arrival of potential gifts. To avoid falling victim to these scams, do not engage with any text messages or emails that ask you to click on links or provide information. Instead, track your packages directly through trusted delivery service websites.

Protect your passwords

Before the holidays, check the security of your accounts. Make sure you use a unique password for each of your accounts. and enable multi-factor authentication whenever possible, especially for financial accounts. This security feature requires an extra step to verify your identity before you can sign in, and helps keep your information safe if your account password is compromised.

Check for skimming devices

Always inspect ATMs and card readers for card skimming devices. According to the FBI, card skimming fraud costs financial institutions and consumers more than $1 billion annually.

In this scheme, fraudsters attach small, hard-to-detect skimmers to card readers, capturing your card information. credit or debit. For added security, consider using contactless payment options such as tap-to-pay cards or digital wallets.

Don’t shop using public Wi-Fi

While it can be tempting to shop on the go, it’s best to avoid public Wi-Fi networks. Hackers can exploit these networks to capture sensitive information. To protect yourself, avoid holiday shopping or logging into financial accounts while connected to unsecured Wi-Fi.

Awareness is key to avoiding scams during the holidays and throughout the year. It’s also important to trust your instincts. If something feels unsafe, it probably is. For example, most financial institutions, such as Credit Union of Colorado, will NEVER ask you for a verification code, website password, or fully activated card number over the phone, text, or email. Whenever you contact a financial institution about your account, you may be asked to verify your identity in other ways. You should never disclose financial details to someone who calls you out of the blue.

“We encourage our members and all Coloradans to be alert for potential fraud schemes at all times, especially during the holiday season. The best defense is awareness,” says Donna Stotler, branch manager of Credit Union of Colorado in Cañon City. “If you believe you may be the victim of a scam, we encourage you to use Credit Union of Colorado’s Fraud Checklist to restore the security of your accounts and possibly your identity.”