One Step Ahead: Protecting Your Finances During This Year’s Holiday Shopping Season |
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November 18, 2014, Volume 61, No. 14 |
Another tip in a series provided by the
Offices of Information Systems & Computing and Audit, Compliance & Privacy
Growth of online purchases continues to outpace growth of sales at traditional “brick and mortar” outlets. The number of US buyers shopping online is expected to grow from over 157 million in 2013 to 180 million in 2017. Regardless of how you choose to shop this holiday season, being vigilant and following a few simple precautions can help protect your finances:
• When shopping online, check for https:// or a locked padlock in your web browser to give you the assurance that you’re using a “secure server” site.
• Use trusted computers and networks (e.g., ones you own and maintain) for online shopping.
• When shopping in person, watch to see if credit cards are taken away from the counter and/or out of your sight when your purchases are being authorized. If you can’t see your card or the clerk, you don’t know if your card information is being written down surreptitiously.
• Use credit cards instead of debit cards. The maximum liability for unauthorized charges on a credit card is $50. The liability for unauthorized use of a debit card can drain your bank account immediately, which can lead to bounced checks or missed payments. In addition, liability for unauthorized debit card purchases can be much higher than the $50 maximum on credit cards, depending upon when you report the loss.
• Use credit cards instead of writing checks. Checks can easily be altered to change the payee and amount. If you do find yourself writing checks, use a pen with pigment-based rather than water-based ink and either write the payee name yourself or ask that the store stamp be applied in your presence.
A final caution in these times of heightened credit awareness: under Federal law, you are entitled to one free credit report from each of the three major credit reporting agencies per year. For the report to be truly free, without qualification, you must visit https://www.annualcreditreport.com/ which is the official provider of free credit reports authorized by the Federal Trade Commission.
For additional tips, see the One Step Ahead link on the Information Security website: www.upenn.edu/computing/security/ |