Keeping Your Money Safe While Travelling
It’s not uncommon for travelers to have their money or wallets stolen while on vacation, a misfortune I’ve experienced firsthand as a young backpacker in France. To avoid falling prey to financial fraud during your travels, it’s wise to invest some time in safeguarding your finances before departure, just as you would in planning the trip itself.
To safeguard your credit cards, debit cards, and cash while traveling, consider the following measures.
Opt for contactless payment methods if available. Use your phone or watch with Apple or Google Pay. With Apple/Google Pay, your wallet and cards remain secure and out of sight.
If you must use your physical card, use the contactless tap feature if available, because each time you pull out your wallet and enter your PIN, you risk someone stealing your wallet, card, or observing your PIN entry.
For larger purchases, you may need to use your physical card and enter your PIN. In such instances, ensure that no one observes you entering your PIN and avoid handing your card to the merchant. If the merchant must handle your card, always verify that you receive the correct card back.
Enabling real-time transaction alerts on your banking or credit card app is a wise move. With these alerts, you’ll receive a notification on your mobile phone the moment you use your credit or debit card. This notification includes the merchant’s name and the amount spent. As you go about your day, whether you’re dining out, purchasing souvenirs, or paying for excursions, you’ll get an instant alert to confirm the purchase. Should your card be compromised and used fraudulently, you’ll be alerted immediately, allowing you to promptly inform your bank or credit card company of any unfamiliar transactions.
Have more than one type of credit card in case one is lost or stolen, or in case your bank or credit card network is unavailable. Network outages do occur and depending on what network your bank is on you could be affected by that network outage. As well, we as human do loose and forget things now and then, so if your card is lost or stolen, you should have a backup card at the ready.
Take photos of your credit and debit cards, front and back. The back contains phone numbers in case you need to contact your bank or credit card company, so make sure you photo capture both sides. Consider storing them in the ‘Files’ application on your mobile device for quicker access. This is also a good place to store photos of your driver’s license and passport in case you ever need them.
It’s not advisable to solely depend on your bank or credit card company to detect unusual activity on your credit or debit cards. Regularly review your transaction history through your banking app to ensure there are no unfamiliar transactions. If you identify any transactions that you don’t recognize, immediately notify your bank or credit card provider.
It’s important to acquaint yourself with the online and mobile banking security features offered by your bank or credit card company. These institutions typically implement robust safeguards to deter fraud and provide options for you to enhance the security of your account. Numerous banking applications enable you to instantly deactivate your credit or debit card, bypassing the need to contact your bank or credit card provider. Promptly deactivating your card upon realizing it is lost or stolen reduces the likelihood of unauthorized purchases.
Consider separating your cash. If traveling with a partner, your partner should hold onto half the money and you the other half in case one of your wallets is lost or stolen.
There are also a few things you should do from a cyber security perspective while accessing your bank and credit card information online:
Safeguard your private information with robust, memorable passwords. Avoid reusing passwords across different sites. It’s advisable to use a trustworthy password manager application for storing and creating strong passwords.
Enable 2-factor authentication using an authentication app that your bank offers. Remember if you rely on text messaging for 2-factor authentication you might not receive the text message if you are using a travel SIM. Use authenticator apps where possible rather than text messages for 2FA.
Use the banking app that your bank provides rather than a URL if using your mobile phone, make sure it’s up-to-date.
Don’t rely on public WIFI when logging into your bank or entering sensitive information. Ideally you should have a data plan for travelling, in addition to subscribing to a VPN service.
Finally protect your wallet and other valuables by carrying them in crossbody travel pouch that you carry in front of you or in a money belt that you wear and is hidden to the public. While travelling through Europe many years ago, I used a money belt, and I wore it hidden on my body throughout a long train trip through Italy. We disembarked the train in Nice, France. It was a lovely day, and we were in a rush to get to the beach after we checked into our hotel. I placed my money belt which had my passport, credit cards, and money directly into my purse. Well, we barely left the hotel, and my purse was pick pocketed, and all they took was my money belt.
No one can ever guarantee you will not become a victim of financial fraud, but taking these precautionary steps will certainly reduce your risk of it occurring and allow you to continue to enjoy your vacation.
Safe travels.