Travel Planning Tips to Prevent Fraud

Don't forget to add fraud protection to your packing list

Travel planning tips to prevent fraud
By Jocelyn Wood, RCB Bank Marketing

1. Bring only what you need.

When planning your next vacation, pack a lighter wallet, suggests RCB Bank Vice President, Security Officer Christy Wild.

“Bring only the amount of cash you will need and maybe one credit card.”

2. Leave your debit card at home.

“Especially if you are traveling internationally,” says Wild. “Debit cards tie directly to your bank account. If fraudulent charges are made, it is possible money may be taken out of your account that day.”

If debit card fraud goes unnoticed for a number of days, thieves may deplete your funds. Credit card fraud is not an immediate financial impact on you.

Under the Fair Credit Billing Act (FCBA) and the Electronic Fund Transfer Act (EFTA), federal law limits your liability for unauthorized charges, but your protection depends on the type of card and when you report the loss.

After you report fraud, your bank has to investigate and process your claim, which takes time. Rules pertaining to refund timeframes vary between types of fraud. Ask your bank for details.

3. Keep an eye on your account.

“From the time your card leaves your wallet until the time it returns, it is technically at risk,” Wild says. “It is crucial to monitor your accounts.”

Proper monitoring will help you find discrepancies.

Early detection and fast action to alert your credit card company and bank is the key to protecting your money.

Many credit card companies and banks offer text banking. This is a great fraud detection tool as you can set up transaction alerts.

Set an alert to notify you each time a transaction occurs on your account. This will help you spot charges you did not initiate. Text banking message, data rates and fees may apply.

You can also download your bank’s mobile banking app. This is another good tool that allows you to scan your accounts anytime from practically anywhere.

“Do not log in to your account on a public Wi-Fi network,” Wild says. “Fraudsters hack public networks and can watch you from the shadows.”

4. Tell your bank when and where you are going.

Before you hit the road, notify your bank and tell them your travel plans.

“It’s added protection,” Wild says. “It alerts them to keep a closer eye on your account. Plus, it helps to make sure they don’t decline your card when you are making purchases in another state, which to a bank may look like suspicious activity.”

Invest in yourself. RCBbank.com/GetFit.

Opinions expressed above are the personal opinions of the author and meant for generic illustration purposes only. Member FDIC.
Leave a Reply

A penny earned is a penny saved

5 money lessons from grandparents

Group of ladies smiling

By Jocelyn Wood, RCB Bank

Every year, my granddad would sit his grandkids down at the kitchen table and pour out a big jar full of coins he’d saved. We could have these coins but only after we sorted them, divided them equally and then rolled them. As little children, it felt like hours to complete this task, but the reward was a bag full of money.

When grandparents talk, we ought to listen, especially when it comes to money. They’ve lived a lifetime earning, spending and saving money. They can teach us a thing or two about the value of a dollar and the importance of saving for a rainy day. Here’s five lessons learned from grandparents.

#1  Earn things.

My granddad always said, “A penny earned is a penny saved.”

He’d tell us “if someone just gives you money, you’re more likely to go spend it, but if you have to earn it, you’re more likely to appreciate money and less likely to waste it.”

#2  Stay out of debt.

Since their first paychecks, grandparents Mary and Jack Spinks have been careful how they spend the money they make.

“We’ve been fortunate to always have a little money in our pocket,” Jack said. “But the only reason we have any money is because of early saving habits. We really tried not to go into debt other than for our house. That went for cars and everything else. And the reason we didn’t go into debt was because we waited until we had enough money to pay for it. You don’t have to have it tomorrow.”

#3 Make those sacrifices.

Marlyn Woodruff, great grandmother, wishes she would have followed her grandparents’ advice.

“Not so much advice, because they didn’t say,” she said. “They did. Both of them worked. My grandfather worked on the railroad and my grandmother cooked, and they lived on one salary. The other one went into the bank. And that was hard because they had five kids.”

Their early sacrifices eventually allowed them to be able to buy a rental property and prosper.

“It took a while to get there,” she said. “But they did it.”

#4 It’s just stuff.

“We don’t need everything we want,” said Isabel Melton, grandmother of three, “Not by a long shot.”

Once you put materialism in perspective, lessons two and three become easier.

#5 Invest in yourself.

“Examine yourself,” said Don Purkey, great-grandfather. “Not everyone is fit for college.”

The key to success is to find what you like, or what you’re good at, and educate yourself around that.

“Learn to work and earn what you want,” he said.

Isabel Melton also reminds us to put one foot in front of the other and keep going.

“Things will work out,” she said.

A special thanks to grandparents everywhere who pay forward the value of saving.

Opinions expressed above are the personal opinions of the author and meant for generic illustration purposes only. Member FDIC and Equal Housing Lender, RCB Bank NMLS #798151.
Leave a Reply