How to Protect Your Money from Scammers This Holiday Season
The holiday season brings joy, celebration, and giving—but it also presents a prime opportunity for scammers to exploit unsuspecting individuals. Protecting your finances, especially if you’re focused on financial planning or preparing for retirement, is more important than ever. By understanding common scams and taking proactive measures, you can safeguard your money during this busy time of year.
Below are four scams to watch out for, along with strategies to protect yourself and your financial future.
1. Charity Scams: Protect Your Generosity
The spirit of giving is strong during the holidays, and scammers know it. They often pose as charitable organizations through emails, phone calls, or fake websites to exploit your goodwill.
How to stay safe:
Donate only through a charity’s official website or trusted contact numbers.
Verify organizations using resources like CharityWatch or Charity Navigator to ensure legitimacy.
Keep records of donations, including dates, amounts, and payment methods.
Regularly check financial statements to confirm donations were processed accurately.
When you plan charitable giving as part of your financial strategy, ensure your contributions benefit the causes you care about—not scammers.
2. Social Media Scams: Avoid Too-Good-to-Be-True Offers
Social media scams often spike during the holidays, promising prizes, gift cards, or discounts in exchange for personal information. Scammers cleverly disguise these scams as contests, promotions, or "share-to-win" posts.
How to stay safe:
Avoid clicking on suspicious links or completing online surveys that ask for personal details.
If an offer sounds too good to be true, it likely is.
Use antivirus software to protect your devices from malware and spyware.
For individuals in or near retirement, staying vigilant online is especially important. Protecting your digital presence is critical to maintaining financial security.
3. Package Delivery Scams: Watch Out for Fake Delivery Alerts
With the rise of online shopping, package delivery scams have become increasingly common. Scammers send fake texts or emails claiming to be from shipping companies, urging you to click links to "track your package" or "update delivery details." These links can infect your devices with harmful software or steal personal information.
How to stay safe:
Visit the official website of the shipping company to track packages.
Never click on unexpected links in emails or texts.
Hang up on unsolicited phone calls claiming to be from delivery services.
Whether you’re budgeting for the holidays or planning for retirement, keeping your money and identity secure is key to a sound financial strategy.
4. Gift Card Fraud: Stay One Step Ahead of Scammers
Gift cards are a popular holiday gift, but scammers have found ways to exploit them. A common tactic is “gift card draining,” where scammers tamper with cards to steal funds before you can use them.
How to stay safe:
Inspect gift cards for tampering before purchasing. Avoid cards with damaged packaging or barcodes covered by stickers.
Buy gift cards directly from trusted retailers or their official websites.
Register gift cards, when possible, to track balances and secure your funds.
For those focused on retirement planning, avoiding unnecessary financial losses ensures every dollar stays on track toward your goals.
What to Do If You Fall Victim to Fraud
If you suspect you’ve been scammed, act quickly to minimize the damage:
Alert your bank and other financial institutions immediately.
File a police report with local law enforcement.
Notify credit bureaus (Equifax, Experian, TransUnion) and request a fraud alert.
Report the fraud to the Consumer Financial Protection Bureau or Federal Trade Commission.
Staying informed about holiday scams is essential to safeguarding your finances. Whether you’re managing day-to-day expenses or building a retirement strategy, vigilance ensures your money works for you—not for scammers.
The Role of Financial Planning in Protecting Your Money
At Falcon Wealth Planning, we believe that protecting your finances is just one part of a comprehensive financial strategy. Our team works closely with individuals and families to design customized plans tailored to their needs, whether they’re saving for the future or preparing for retirement.
This holiday season and beyond, let us help you navigate financial challenges and opportunities with confidence.
Need help protecting your finances? Contact Falcon Wealth Planning to discover how our strategies can support your goals. Schedule a free financial assessment with us today.
*The content in this blog is for general informational purposes only and does not constitute personalized financial, investment, tax, or legal advice. Falcon Wealth Planning, Inc., a fee-only, true fiduciary, registered investment advisor, provides this information to give a broad understanding of financial concepts and strategies.