How You Can Prevent Financial Disasters With Credit Card Security While Traveling
Summer is the busiest travel season, but it’s also a time when credit card transaction security risk is on the rise.
If you’re planning your seasonal vacation, you need to take some basic precautions to ensure that your experience isn’t marred by financial disasters. Here are some tips for keeping your credit cards safe:
- First, notify your bank and credit card company that you will be traveling. In an effort to lessen the financial impact of fraud, many now have safety procedures in place that will automatically freeze your accounts when they see out of the ordinary charges, For example, if you’re traveling overseas, your financial institution may assume that your account has been remotely hacked. The last thing you want is to be without access to your money while you’re on the road.
- You’ve heard the saying, “Never put all your eggs in one basket.” The same can be said for your credit cards and other methods of payment. As you’re out and about, you don’t want all of your credit and debit cards, cash, and travelers’ checks in the same place. In case of loss or theft, you don’t want to be stranded in an unfamiliar place with no access to money. Keeping a backup card or other method of payment in your hotel safe is always a good bet. Alternatively, if you’re traveling with your spouse, one of you can keep your cards secured and use the other’s while sightseeing.
- Be vigilant about how you carry your cards. Thieves prey on tourists because their situational awareness is splintered. If you carry a bag, wear it across your body to deter would-be snatchers.
- Write down your financial institution’s emergency contact information so that, if your card is lost or stolen, you can contact them immediately.
- Remember that the most secure payment processing occurs when you use your EMV chip-enabled card, so always see if retailers offer that as an option.