In the News
Travel might be more costly than you planned. In Holiday Scammers Made £7m in 2018, Phil Muncaster at InfoSecurity magazine discusses the damage done through from travel–related scams. Muncaster explains that the majority of these scams were airline ticketing fraud or accommodation related. Muncaster states that consumers must be vigilant when making travel plans to avoid fraudulent websites, companies, and offers.
Our Take
Although Muncaster is reporting on financial damages from scams in the UK, the message is applicable globally. If £7m of damage was done in the UK alone, the global loss must be exponentially higher. These numbers point to the reality and severity of financial fraud during travels. Making travel plans can be a stressful, complicated, and expenses process and everyone wants the best deal possible. However, great deals especially in terms of finances are often scams and can lead to enormous financial loses. Searching for reputable companies and making purchases through secure and legitimate websites is the only way to evade such scammers. Make sure to be extra vigilant next time you make your travel plans, so travel scam does not impact you.
Recommendations
How can you protect the privacy of your finances?
- Use safe password practices when creating online accounts, and take advantage of Multi-factor Authentication where possible
- Minimize the number of accounts that have direct access to your bank account or card numbers
- Only make purchases at reputable online retailers
- Check your email, financial accounts, and credit reports regularly for abnormal activities