Whether you’re traveling for work or pleasure you should take steps to protect yourself financially before and during your trip.
According to the Federal Trade Commission (FTC) they received over 55,000 reports of travel fraud in 2023. A survey by McAfee, the security software company, found one in three travelers have been scammed—and a third of them lost $1,000 or more.
Notify Financial Institution and Credit Card Providers
Before you leave for your trip notify your bank and credit card providers that you will be traveling, especially if you will be traveling internationally. Credit card companies watch for fraud and if they notice unusual activity on your credit card, they can deny a transaction, when you give them advanced notice they can put a travel alert on your card. They can also make you aware of any foreign transaction fees or ATM withdrawal charges you may incur.
Consider Travel Insurance
Travel insurance can provide protection for unexpected events such as trip cancellations, medical emergencies, baggage loss or delay, or missed connections and flight delays.
Have a Travel Budget
Don’t take on debt to finance a trip, if you are planning a vacation start a vacation savings account well in advance, then take the trip once it is fully funded. Before leaving for your trip create a travel budget. Research the destination so you have a good idea of travel costs like lodging, entertainment, food and transportation. Avoid purchasing souvenirs and other unnecessary items so that you stay within your budget.
Guard Your Possessions
Before leaving for your trip make photo and digital copies of all the items in your wallet and the travel documents you are taking along, including your ID and passport, Visa, credit cards, airline tickets and hotel and transportation rental information. Streamline your wallet and purse so that you are only carrying what is necessary and limit the amount of cash you carry. You might also setup a digital wallet or payment app on your phone so that you don’t have to carry cash or your credit cards.
Avoid Using Public Wi-Wi
See my article Risks of Using Public Wi-Fi Public Wi-Fi offers a convenient way to connect but with that convenience comes the danger of having your personal and confidential information stolen. These networks are not only convenient for you but also for hackers. Hackers can setup a hotspot in a public area and name it something that makes users think they are connecting to the businesses public Wi-Fi hotspot. They often use the same SSID (the name of the network) as the business. When you use a fraudulent connection, you run the risk of having your financial and personal information stolen.
Secure Your Electronics
Secure your smartphone, laptop and other electronics with a passcode or biometric authentication. Turn on find my device so that you can locate it if it comes up missing.
Don’t Use Public Charging Stations
Criminals have figured out ways to use public USB ports to infect connected devices with monitoring software and other malware. Once a criminal has access to a device, they can steal personal and financial information. Public charging stations can be found in places like airports, hotels, shopping centers, restaurants, gyms, and other public venues. If you must use public charging stations get a USB data blocker which blocks the ability to transfer data while still allowing it to charge.
Don’t Leave Valuables in Your Hotel Room
Do not leave cash, debit or credit cards, passports, or other valuable items in your hotel room when you are out.
Use Credit Cards
Federal law limits consumers liability for credit card fraud to $50. If you’re the victim of fraud, it’s likely that you will have no out-of-pocket responsibility at all, most major issuers have zero liability policies. According to the federal Fair Credit Billing Act, if your physical card is stolen and used for fraudulent charges your issuer can hold you responsible for up to $50. however, if you report the card stolen before any fraudulent charges are made, you have zero liability. If your card number is stolen but you still have the card you are not held responsible for any charges.
Setup Account Alerts
Setup account alerts with all your financial institutions, account alerts notify you when activity takes place on your accounts. If your cards are compromised and used for an unauthorized transaction you will know about it. If you get a notification about a transaction you don’t recognize, immediately notify the issuer.
Freeze Your Credit
Freezing your credit is one of the most important safety precautions you can take to prevent identity theft. When your credit is frozen no one can access your credit or open accounts in your name. Your credit should be frozen at all times, not just when you travel. If you need to apply for credit, you can temporarily lift the freeze. You can freeze your credit online with the three major credit bureaus, Equifax, Experian and TransUnion. It can also be done by phone or by mail.
Use Antitheft Bags & Clothing
Don’t carry expensive purses or bags with you when you travel, purchase antitheft bags and clothing so that you are more protected against thieves. Antitheft bags and clothing are often made out of slash resistant material making them very hard to cut through, they also have RFID-blocking technology that prevents thieves from scanning your credit cards, passport, and other valuable items and some have lockable zippers and secret compartments, the bags are also designed to cross your body or otherwise attach to your body making them harder to steal.
Secure Your Luggage
Stolen and lost luggage can ruin a trip. You don’t want to arrive at your destination without your belongings.
If possible, pack everything in one carry-on bag. See my article How to Pack Everything in One Carry-on Bag If you carry your bag with you, it will not get lost.
Attach Apple Air Tags, Samsung Smart Tags or another type of tracker to your luggage and valuables. You can easily track your belongings if you become separated from them. Many airlines offer luggage tracking through their mobile app. Download the app before leaving for your trip.
Attach travel locks to your luggage and bags and use them to secure your belongings at the airport, in your room and at restaurants and other venues.
The Tech Minimalist 