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How to Keep Your Money Safe When Traveling

Tourists are often targets for pickpockets and fraud. Here are some smart tips to keep you and your money safe when on vacation.

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Nothing can ruin a vacation faster than falling victim to fraud. The sad truth is, traveling can make you an easy target for scams, theft, or financial mishaps, especially when you’re unfamiliar with the local customs, currency, and language.

According to the Mastercard Economics Institute, the travel industry is one of the sectors most susceptible to fraud. It was discovered that fraud in popular tourist destinations spikes up to 28 percent during peak seasons.

Fortunately, as Yahoo! Finance reports, there are a few precautions you can take to ensure you and your money are safe. It recommends:

Inform your bank or financial institution that you will be traveling. This will ensure legitimate transactions you make at your vacation destination are not flagged for fraud and can stop suspicious transactions from going through while you are away from home.

Set up account alerts for suspicious activity. As an added layer of protection, you can enable text or email alerts for transactions over a certain amount.

Avoid non-bank ATMs. ATM skimming is a problem worldwide. It’s recommended you withdraw cash from ATMs located inside reputable banks, airports, and other well-lit, high-traffic areas.

Avoid public Wi-Fi when accessing online banking. Public Wi-Fi networks may be unsecured, putting your sensitive information at risk. The article suggests that if you “absolutely need to log on to your account while abroad, it’s best to rely on your mobile data or a VPN to keep your information secure.”

Bring a backup credit card. It’s smart to have a second credit card (or cash) just in case your primary payment method is compromised or stolen (pickpocketing is prevalent in many tourist destinations). You should carry your backup card or cash in a separate, hidden area from your primary payment method.

Have you ever had your credit card compromised while traveling? Message The Seniors Trust on Facebook or X (formerly known as Twitter) and let us know what you do to keep your money safe when away from home.

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