November marks the start of seasonal spending, with consumers looking for Black Friday and Cyber Monday deals.
“Shopping sprees are always characterised by a rise in attempts to defraud unsuspecting consumers through malicious tricks and scams. Hence it is always important to be on high alert, whether you’re shopping in-store or online. The number of South Africans who choose the convenience of online shopping to avoid queues has increased significantly in recent years, so it is crucial to ensure that safety is a top priority when shopping online,” said Trish Ramdhani, the head of fraud at FNB Card.
Ramdhani has the following advice to help you protect your money against fraudsters:
Beware of tricks or gimmicks
Cybercriminals occasionally create bogus online stores that claim to sell hard-to-find items such as cosmetics and the latest gadgets. Some even place adverts on websites and social media to lure clients, with product photographs, descriptions, reviews, a shopping cart, and a payment process to look credible.
If you purchase from one of these rogue stores, your money, payment information, and personal information will be exposed to criminals. The best way to avoid such scams is to shop from trusted providers and platforms. In addition, always verify any delivery notifications from retailers by calling them or the courier company directly. Never click on links sent in these notifications.
The common types of fraud to which customers fall victim – phishing, vishing and smishing – involve fraudsters obtaining your banking login and or card details. Customers should avoid responding to texts, phone calls or emails that require such confidential information.
Never disclose sensitive information to anyone
Fraudsters often impersonate bankers, fraud investigators, and customer service consultants to defraud consumers. Their goal is to gain access to sensitive information, such as a one-time PIN (OTP), required to authenticate transactions, or credentials, such as a username or password, to access your bank accounts. The golden rule is that no reputable institution will ask you to disclose such information to their representatives. It is critical never to share such sensitive information with a third party.
Use safer and more convenient ways to pay
To limit the risk of fraud when shopping online, choose the safest payment methods. Avoid using instant EFT payments that require you to expose sensitive information to third-party providers to complete a payment.
Immediately report suspected fraud
When transacting, consumers should always exercise caution to protect themselves from possible fraud. This can help to prevent financial losses and the compromise of your financial personal information.
Precautionary measures include paying attention to financial institutions’ safety guidelines and taking personal responsibility to ensure that safety is always a priority. When you suspect that you have been a victim of fraud, you must notify your financial institution immediately.
“Protecting yourself is not simply limited to your bank card, but also includes being observant and practicing safe banking behaviour all round, online, on ATMS, over the phone,” Ramdhani said.
