Safe Online Shopping During the Holidays and Beyond

Since you use your credit and debit cards year-round, overspending and fraud can happen at any time. However, the holiday season is a prime time for both shopping and fraud. The last thing you need is accidentally blowing through your budget – or worse, a thief taking your money.
Credit and debit card security starts with you. Read on for some great tips while you’re hunting down the best deals – and what to do if your credit or debit card is hacked.
Best Practices for Protecting Your Credit Card Online
Shopping online is undeniably convenient, but it comes with its own dangers. Following these best practices will help you save money in the long run and reduce your chances of becoming a victim of fraud:
- Only shop from home. Public Wi-Fi connections, such as at the local café or at an airport, make it much easier for identity thieves to hack into your computer. Do your shopping from your secure home network – and make sure your computer’s security is up to date!
- Compare the “real” prices. Some stores may list items for a cheaper price, but nail you later with the cost of shipping, taxes or other fees. These extra costs can really add up.
- Know the return policy. How many times have you bought an item that you or the giftee ended up not wanting or needing, but you’ve missed a narrow return window? How many times have you bought an item with no return policy at all? Online shopping doesn’t let you try out an item before buying it, so be sure to keep track of these policies to prevent a financial headache later.
- Save your receipts. This ties in to knowing the return policy. If you need to return an item, you often need the receipt as proof of purchase. Saving your receipts can also help you stay organized and track your expenses before you receive your monthly statement. A receipt can be emailed or printed, so make sure you know how to find your digital receipts.
- Keep an eye on your statements. The reasons to do this are two-fold: It helps you catch unauthorized transactions, and it helps you keep track of your spending. You should also keep an eye on your accounts via mobile or online banking. Catching signs of debit card fraud and credit card fraud as soon as possible helps ensure you can get your money back.
- Avoid opening a new store credit card. Store credit cards often come with attractive incentives for first-time applicants, but there’s a risk to them. For one, it may impact your credit score since it counts as a new loan. For another, store credit cards often have interest rates that are much, much higher than your bank or credit union’s credit card.
3 Debit Card Fraud Prevention Tips
A lot of the ways to keep yourself safe from credit card scams also work for debit cards. However, there are a few other tips you should keep in mind if you choose to use a debit card:
- Secure your debit card PIN by never sharing it with anyone. If you write it down, keep it in a safe, private space – not in your wallet.
- When entering your PIN on a point-of-sale device or ATM, block the keypad from onlookers with your body.
- Some point-of-sale terminals give you the option of using a debit card but having the purchase processed as a credit card. This eliminates the need to enter your PIN, making the transaction safer for you.
5 Common Holiday Shopping Scams
By staying aware of the different types of fraud and taking proper precautions, you can help keep your finances safe while shopping.
Here are some of the common scams to watch for:
- Fake Online Merchants. See a deal that’s too good to be true? It probably is. Before buying from a website you’ve never used before, search for third-party reviews of the site. Scammers sometimes set up shop on marketplace sites like Etsy as well. It’s good practice to scrutinize their product listings and photographs for consistency in quality and style. Scammers steal listings from legit merchants, which often results in a mishmash of product descriptions and appearances.
- Phishing Emails. These fraudulent emails can come in many forms. One common email pretends to be offering great coupons for a seller you already know. Another claims that your account has been hacked and advises you to reset your password. Clicking the links in these emails take you to fake websites that can steal your information. Be sure to read sender addresses and website URLs carefully. Avoid clicking links in emails if you’re at all suspicious that something is off. If you receive an unexpected password reset prompt, delete the email and manually change your password through the website or app.
- False Shipping Texts. You randomly get a text, supposedly from UPS, USPS or another shipping service, that your package is undeliverable. They provide a link that supposedly takes you to view tracking information, but really aims to steal your information.
- Person-to-Person (P2P) Requests. Arguably one of the oldest tricks in the book, there’s a reason it’s stuck around. Fraudsters pose as a friend, family member or stranger in need and contact you via phone call, email or social media. They’ll request money, usually claiming that the need is urgent so that you don’t think about it too long. If you get this type of message or phone call, it’s important to stop and verify that you’re actually talking to who you think you are. If you’re asked to pay via a P2P app such as Venmo®, it can be extremely hard to reverse those charges.
- Gift Card Requests. It's not just around the holidays; gift card scams can happen at any time. Gift card transactions are a lot harder to reverse, and thieves know this. Remember: No one legitimate will ever need you to pay them in gift cards.
For more information on common and recent scams and how to avoid them, check out the Federal Trade Commission (FTC)’s website. They keep a close eye on reports of fraud and update their site frequently.
What to Do if Your Credit or Debit Card Gets Hacked or Otherwise Compromised
Mistakes can happen, even when you do your best to protect your debit cards and credit cards. Don't panic. There are steps you can take to minimize or even reverse the damage. It is crucial to act swiftly as soon as you know you’re a victim.
- If your card information was stolen: Contact the bank or credit union that issued the card and let them know about the fraudulent charges. They can potentially reverse the transactions and issue you a new card. If it was your Wave debit card, you can call 800-262-2024 or contact us otherwise to submit a Fraud Claim Form and receive provisional credit. If it was your Wave Visa credit card, you can call 888-918-7313 to report the fraudulent transaction.
- If you paid with a credit or debit card: Let your card’s issuer know and ask them to reverse the charge. They’ll often be able to undo the transaction and give your money back – especially if you paid with a credit card. Credit cards don’t move your money right away, unlike debit cards, which makes their charges easier to reverse.
- If you paid with a gift card: Gift card fraud is a lot harder to reverse, which is why they’re favored by scammers. Still, it’s worth it to contact the issuer in case they’re able to refund the gift card.
- If you paid via a P2P app: Contact the company behind the app to ask them to reverse the transaction. If you paid with a credit or debit card, also contact your card’s issuer to report the charges.
- If your password/username was compromised: Set a new, strong password. If you use that same password on other accounts, change it there, too. If you’re locked out of your account, contact the site’s owner for help.
- If you were the victim of a scam: Report the scam to the FTC and/or the Better Business Bureau (BBB).
View more steps for if you've been scammed on the FTC website.
Final Tips
- Never share personal information, especially online.
- Take advantage of Wave’s FREE annual shred event to safely dispose of your old statements and other papers that may have your personal information on them.
- Remember: Wave FCU will NEVER contact you for your password, credit card information or debit card PIN. Don’t trust caller ID – if you’re unsure, hang up and contact us directly.
- Make sure you can receive bank and credit union fraud alerts to catch unauthorized purchases faster. At Wave, as long as we have your current email and cell phone number, you will automatically receive email and text fraud alerts. At other institutions, you may have to set up your alerts through online or mobile banking