With the election over and the holidays approaching, I want to discuss an issue that could affect us all. Especially at a time when so many families will be spending time in busy airports. I’m referring to financial fraud.

Years ago, when writing physical checks was more prevalent, a criminal somehow got hold of my checking account number and had checks made with what was almost my name on it. Instead of Ken, the name on the checks were Kendra.

The sheriff’s department did a great job investigating. They even watched hours of in-store surveillance videos. My bank also did a fantastic job, and at the end of the day I didn’t lose a cent. The fraudulent perpetrator, however, was not caught.

Things are different in today’s high-tech world. Criminals have become far more sophisticated.

While dining at a local restaurant recently, my wife and I decided to apply for a frequent diner card. The staff was hands-on trying to help us register on our cell phones. We tried to input two different credit cards during the process. After the fifth failed attempt, I concluded that it just wasn’t meant to be.

The staff was sincerely trying to help, but I wondered afterward if it was a good idea to display our credit cards so openly. Were we being too trustworthy? In retrospect, we probably were.

The following day, I came across “State of Scams,” a biannual report issued by Visa. It stated, “there has been a resurgence in physical theft in the last six months, with criminals buying gift cards or physical products using stolen payment info that can be resold or using the card number for money transfers”.

Nonetheless, I prefer using a credit card over a debit card; it’s one way to protect yourself. With a credit card, the card issuer is liable. With a debit card, your own money is on the line, which means you are likely on the hook.

The Visa report used the term “digital pickpocketing”, a term I was not familiar with. Nowadays at the checkout, you no longer have to insert your credit card. You simply have to tap it. It’s very convenient for you, but it’s also convenient for the fraudsters.

Because the same technology that lets you tap, lets them extract information from your card. They just have to get close to your wallet or purse to do so. In a crowded environment, that’s a piece of cake. It’s like having someone picking your pocket without even using their hand.

There are also a lot of fraudulent websites out there. I recommend that you not transact any business on a website unless you’re absolutely certain it’s legitimate. You could be putting both your money and your sensitive data at risk. As for websites you know and confidently use regularly, many require two-factor authorization. That’s a very good idea.

Most people are naturally trustworthy, so it’s difficult for them to comprehend just how sophisticated the criminal element has become. It’s vital to keep your guard up at all times, but even that might not be enough.

Criminals are increasingly shrewd and devious and will go to any length to access your personal financial data. Please do your best to make that very difficult for them. Don’t become a victim.

Email your questions to kenmorris@lifetimeplanning.com

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The opinions expressed in this commentary are those of the author and may not necessarily reflect those held by Kestra Investment Services, LLC or Kestra Advisory Services, LLC. This is for general information only and is not intended to provide specific investment advice or recommendations for any individual. It is suggested that you consult your financial professional, attorney, or tax advisor with regard to your individual situation. Comments concerning the past performance are not intended to be forward looking and should not be viewed as an indication of future results.