Holiday Shopping Safety Tips

Millions of U.S. shoppers are about to launch an all-out assault within the next few weeks as the 2020 holiday shopping season is in full swing. According to the National Retail Federation,  the holiday season is November 1 through December 31 and has forecast that sales will total between $755.3 and $766.7 billion.

Where will all that spending action take place? The modern shopper won’t be driving to the mall or a local shopping center this year. Online shopping is set to to increase between 20 percent and 30 percent to between $202.5 billion and $218.4 billion, up from $168.7 billion last year.

Let MTC Federal help you navigate the holiday frenzy.

Having safe and convenient, easy-to-use forms of payment makes the holidays happier for everyone. If you are planning to shop in-person or digitally, it’s important to be proactive and work with MTC Federal to keep your information safe.

Details Really Do Matter

• Fortify your wallet with two forms of plastic payment cards – credit and debit – and make sure you are aware of how much you can spend per day or per billing cycle on each one to avoid going over your spending limits.
• Are you planning on shopping like a rock star by making a huge purchase? Call ahead! Alert MTC Federal as soon as possible so we can help pave the way to a smooth transaction.
• Make sure you’ve updated your MTC Federal card accounts with your current email, cell number and address. Purchases can be denied over something as minor as entering the wrong postal code if it doesn’t match your address on record.

Keep Safety Top of Mind

• Always put your plastic payment cards back where they normally reside in your wallet. Hasty purchases can lead to misplaced or lost plastic, which will result in delays while you wait for a replacement.
• Many retailers today accept Apple Pay, Samsung Pay and/or Android Pay. These forms of payment utilize your mobile device to create a safer payment experience using tokenization. A tokenized form of payment replaces your payment card number with a secure encrypted digital payment that can’t be used again. Take advantage of MTC Federal’s digital wallets, more convenient and secure payment options.
• Avoid patronizing unfamiliar online retailers that offer “deals of the century.” These online merchants may not even be legitimate; the only thing they are in the market for is your credit card information. Stick to trusted retailers and brands that you know in order to avoid fraudulent activity on your payment cards.
• If you see an unusual transaction on your debit or credit card statement, it is imperative that you report this to MTC Federal immediately to ensure that your financial accounts haven’t been compromised – and that they remain safely out of criminals’ hands.
• There are many online and mobile account management options to closely monitor your financial accounts. Online banking apps, security alerts and SMS text messaging are commonplace today and highly recommended as a means to stay safer. Greater awareness means greater security.

Source updated on 11/24/20: National Retail Federation