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Keeping Your Finances Safe this Festive Season

December 10, 2024

As the hustle and bustle of the holiday season arrives, many of our members will experience a short-term change in their spending habits. Many of us are spending more at places where we may not usually shop, and we may not be as diligent with our finances as we are the rest of the year due to the business of the season. We are also susceptible to more scams, like those listed below.

Online Shopping is where we are at the highest risk because this is often such a big part of our holiday spending. The most common things we suggest watching out for are:

  • Fake websites
  • Fake product listings
  • Fake shipping notifications
  • Parcel redelivery or delivery delay scams
  • Fake event tickets being sold

Charity Scams also ramp up this time of the year as the giving spirit is upon us. These may look like:

  • Fake charities
  • Fake donation requests
  • Crowdfunding scams

Confidence Scams work by exploiting your social or parasocial (“one-sided relationships, where one person extends emotional energy, interest and time, and the other party, the persona, is completely unaware of the other’s existence.”) relationships to trick you into giving up information or money. Keep an eye out for:

  • Fake contests and giveaways
  • Impersonation scams: family/friends or celebrities
  • Phishing for gift cards
  • Fake travel or timeshare scams

Romance Scams also spike around the holidays, as they take advantage of the loneliness some might experience during the holidays.

Skimming is something to always be aware of. We urge you to check that there is not anything added onto the chip reader of a machine you are using. They can be added quickly, and we are more likely to miss them as we are rushing to get the shopping done.

How to Protect Yourself:

  • Verify websites: Always double-check URLs and look for secure payment methods when shopping online (e.g., secure payments via PayPal or credit card).
  • Navigate to websites independently: Rather than clicking a link, we suggest navigating to the website by typing in the website address to avoid malicious links.
  • Watch out for suspicious emails: Be cautious of unsolicited emails, especially those claiming to be from well-known retailers, delivery services, or charities.
  • Do not share personal information: Never share sensitive personal information (like gift card details or bank account information) unless you are sure the request is legitimate.
  • Use credit cards: For online purchases, use credit cards with fraud protection rather than debit cards, which might be harder to recover funds from.
  • Research charities: Before donating, research organizations to ensure they are legitimate. Websites like this one provided by the Canadian Government, can help verify nonprofits.
  • Avoid high-pressure requests: Scammers often create a sense of urgency, but legitimate businesses and family members will not demand immediate financial help, especially through gift cards.

Don’t let these fraudsters turn your festive season into a finance nightmare. Stay vigilant!

YNCU members, if you know, or think you are a victim of a scam, please contact our Service Excellence Centre at 1-800-413-YNCU (9628). You can also contact the Canadian Anti-Fraud Call Center at 1-888-495-8501.

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