Securing Your Financial Assets While You Travel

Home / Travel Tips / Securing Your Financial Assets While You Travel

Securing Your Financial Assets While You Travel

Statistically, traveling is when a person is most likely to fall victim to identity theft and similar forms of financial loss. Many credit card companies and traveler-oriented agencies warn travelers that most such instances could have been avoided with just some simple precautions. With that in mind, let’s consider how you can protect your financial assets the next time you travel.

Research Your Destinations

There are numerous online resources that help research travel destinations. Take advantage of these resources to understand what risks are common to the areas in which you’ll be travelling. Try to avoid assuming what is and isn’t a risk. Bogus ATMs, for instance, are a real risk in some areas, and yet, many travelers believe them to be an urban legend.

Inform Your Financial Institutions

Letting your bank and credit card companies know when you’ll be traveling is among the top tips for credit card users overseas. These companies can add a note to your account. It can help avoid legitimate transactions that could be flagged unusual, and it can help flag transactions that may otherwise fly under the radar. This is also a good time to ask your banks if there’s any particular concerns they have about the areas in which you’ll be traveling.

Have Vital Phone Numbers on Hand

After calling the police, if applicable, the first thing you should do in the event you lose financial assets or notice unusual traffic is call the financial institution in question. Most major banks have a 24/7 hotline specifically for this purpose, and you should have these numbers recorded in advance of needing them.

Monitor Your Financial Activity with Alerts

Today, many people use services that monitor their credit histories and financial traffic and provide real-time alerts whenever activity occurs. This lets you be aware of unauthorized credit inquiries as they happen. If you don’t currently subscribe to such a service, then you should at least consider doing so during the period you’ll be abroad.

Use a Credit Card Whenever Possible

Traditionally, people use traveler’s checks, but that practice is fading away. Checks can be preferable to cash in some areas, but most areas in the world now facilitate the use of credit cards. Credit cards allow for real-time tracking of transactions in a way that checks do not. They also provide you with a number of protections, including the ability to dispute charges you didn’t make. As for pocket money, just carry small amounts you can afford to lose, and split bills up into different areas of your person.

Avoid Debit Cards and ATMs

Never use a debit card if you can avoid it. If you must bring one with you, treat is as a physical asset rather than something you maintain on your person. Avoid ATMs whenever possible. Charges are exorbitant, foreign ATMs may not provide the protections you’re used to at home, and we’ve already mentioned bogus machine. If you must use an ATM, contact your bank for an approved list.

Store Physical Assets in the Hotel Safe

Physical assets that you’d normally store in your home should instead be stored in a safety deposit box. Physical assets that you bring with you but won’t be carried on your person, including backup credit cards, should be stored in the hotel safe. Most hotels provide 24/7 access to your valuables.

Password Protect Your Devices

Finally, password protect all of your devices that store sensitive information. Use machine-created passwords. There are apps available that make using machine-created passwords a simple process.

How you choose to handle your financial assets while traveling determines how likely you are to be a victim. By taking the precautions above, you at least ensure that you’re no more prone to this kind of theft than you are at home.

Recent Posts

Leave a Comment

Contact Us

We're not around right now. But you can send us an email and we'll get back to you, asap.

Not readable? Change text. captcha txt

Start typing and press Enter to search