How to Protect Your Finances While You are on Vacation

Your vacation is a time for fun, excitement and relaxation. The last thing you want to have to deal with is an attack on your finances. The unfortunate reality is that thieves never go on vacation. While people take great pains to not lose their cash while on vacation, few take the necessary steps to protect their credit. By following a few steps, you can assure that your credit is safe while you are away.

Talk to Your Bank

If you are going to travel outside of the country, let your bank know in advance. Some banks will shut down your account if they see fraudulent activity on your account. Your routine purchases at souvenir shops may raise red flags with your bank and cause them to freeze your account for your protection. This can be crippling if you are left in a foreign country with no access to your funds. In addition, this can cause any checks you have written to bounce. Call your bank in advance and let them know that you will be traveling.

Leave Copies of Your Financial Information With a Friend

Make copies of your passport, identification and creditcards and leave them with a trusted friend or family member who is not traveling with you. If you lose your wallet or purse, you can easily have access to these numbers and cancel all of your credit cards quickly.

Beware of Scams

A common scam that thieves play on unsuspecting tourists is the "broken ATM" scam. Criminals will rig a freestanding ATM to capture your card when you go to use the machine. While you are trying to retrieve it, the thief will approach you and offer to help. They will dial the bank on your behalf and hand you their phone. Their accomplice, posing as a bank agent, will instruct you to enter your PIN slowly several times into the machine. The thief will look over your shoulder and watch you entering your PIN. The "agent" will then instruct you to leave, stating that a representative will bring your card to your hotel. When you leave, the thieves will use your card and wipe out your entire account.

Many export risk management exports report that overseas fraud costs businesses huge profit losses every year. While these scams hurt businesses, they can be devastating to consumers.

Having your credit damaged while you are on vacation can be devastating. By being aware of your surroundings, planning ahead and being vigilant against scams, you can protect your credit while you are on vacation.

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