Today’s Financial Message Just for you, {{ first name | friend}}
We survived timeshare presentations throughout the '90s, so you'd think we'd be immune to vacation scams by now. Plot twist: they've just gotten more sophisticated.
That "exclusive resort deal" sliding into your DMs isn't exclusive - it's a bait-and-switch waiting to happen. If it sounds too good to be true, it absolutely is.
Booking sites love showing you the "last room available!" panic button. Weird how there's always one last room every time you refresh the page.… Continue Reading
According to digital security giant McAfee’s ‘Safer Summer Holidays’ Travel Report, 1 in 3 people have been scammed when booking or taking trips, with a third (34%) of those losing $1,000 or more.
The report also found that, of the 7,000 global people surveyed:
61% were more concerned about digital threats than physical ones, like being pickpocketed
85% of adults held either some or high concern around their identity being compromised as part of their travel
Despite this, 48% admitted to being less security conscious when on holiday.
22% connected to Wi-Fi networks even though they looked a bit suspicious
26% used a free USB charging port at an airport or train station
17% left their Netflix account logged in after checking out of their accommodation
Why This is Important: Whether you’ve already booked your trip, or you’re just about to - people want to take advantage of you, so be vigilant against any type of travel-related scam.
Here’s a sneak peek at some of the most common types of vacation scams to protect yourself against:
Scam #1. Fake Tickets or Tours
When making online reservations for tickets or tours, pay attention.
Use only trustworthy websites (No third-parties), and make sure to check the seller's legitimacy. As a general rule, don't click on something from an ad, rather, type in the company's name to your search and go from there.
Don't purchase tickets from strangers or unreliable sources, like random ads on Kijiji.
There are scams around with people selling counterfeit tickets with fake barcodes and selling duplicate tickets to multiple people.
Scam #2. Pickpocketing and Bag Snatching
Another one of the very common vacation scams is to pay extra attention to your valuables in public. In busy places, at tourist destinations, and on public transportation, keep a watch on your things and proceed with caution.
Carry your valuables in a safe bag or various money belts under your clothes and avoid keeping all of your cash and identification in one location.
Scam #3. Fake or Unsafe Wi-Fi Networks
When connecting to public Wi-Fi networks, particularly those without passwords, exercise caution.
False networks can be created by scammers to steal personal data. For further security, use a virtual private network (VPN) or rely on reliable mobile data networks.
It may not be possible everywhere, but using your hotel's Wi-Fi (Which is usually private to that building.) is safer than letting your device connect to any open network.
Scam #4. Street Vendors and Overcharging
From fake brand name purses and wallets, to 'valuable jewelry', this is one of the most common vacation scams.
When dealing with street vendors, be vigilant, as they may be trying to overcharge or give you fake money as change.
Find out what the going rate for a product is, then bargain if required. When buying expensive products like jewelry or gadgets, use caution and only shop from reputed retailers.
Read the whole article, and all 13 Vacation Scams👇
Go Deeper
Don’t get caught by a fraudster! Read a few more Wealthy Thinker articles:
“No, I definitely did NOT buy 18 copies of Fourth Wing!”
“What Other Types of Fraud Should I Know?”
If you’re spending money, chances are, there’s someone trying to scam you out of it. Know how to protect yourself.
Yep, people will pretend to be financial advisors too.
“What Tips Can I Use to Find a Legit Financial Advisor?”
Asking for recommendations, doing some research and checking credentials and qualifications will go a long way to finding someone real.
“Weird - this travel site doesn’t have social media...”
“What Sites Should I Avoid When Booking Travel?”
Do they take secure payments? Do they have official affiliations? Is their website secure? Know what to look for and you’ll increase your protection.
Money Mindset Message
Dirty Rotten Scoundrels, 1988
Did you know…
Flying saucers are real! On this day in 1967, “a saucer-shaped throwing implement” was patented, better known as a Frisbee. They actually originated in the 1800’s where students tossed pie tins around for fun.
What did you think of today's newsletter?
*overdraft fees source: https://finhealthnetwork.org/research/overdraft-nsf-fees-bigger-burden-than-previously-estimated/