How to keep cybercriminals at bay when shopping online this Black Friday

Seasonal spending begins in November, with consumers looking for Black Friday and Cyber Monday deals. While this is an exciting time of year, customers must also be cautious when shopping to avoid becoming victims of fraudsters.

“Shopping sprees are always marked by an increase in attempts to defraud unsuspecting consumers via malicious tricks and scams. As a result, whether you’re shopping in-store or online, you should always be on high alert. According to Trish Ramdhani, Head of Fraud at FNB Card, the number of South Africans who choose the convenience of online shopping to avoid queues has increased significantly in recent years, so it is critical to ensure that safety is a top priority when shopping online.”

Ramdhani shares the following safety tips to help you protect your money from online fraudsters this holiday season:

Beware of tricks or gimmicks:
Cybercriminals occasionally set up bogus online stores claiming to sell hard-to-find items such as beauty cosmetics or the latest gadgets. To appear credible, some even place advertisements on websites and social media, complete with product photographs, descriptions, reviews, a shopping cart, and a payment process.

Your money, payment information, and personal information will be exposed to criminals if you make a purchase from one of these rogue stores. Shopping from reputable providers and platforms is the best way to avoid such scams. Furthermore, always confirm any delivery notifications received from retailers by calling them or the courier company directly.

Never click on any links included in these notifications.
The bank has observed the most common types of fraud that customers are subjected to, which are phishing, vishing, and smishing fraud, which involves fraudsters obtaining your banking login and or card details.

Customers should refrain from responding to texts, phone calls, or emails requesting such sensitive information. FNB will never request that you process a transaction to reverse fraud. Furthermore, FNB will never request your OTP or sensitive information such as your banking password.

Never disclose sensitive information such as passwords and PINs to anyone
To defraud consumers, fraudsters frequently impersonate bankers, fraud investigators, and customer service consultants. Their goal is to gain access to sensitive information, such as a One-Time PIN (OTP) used to authenticate transactions or credentials used to access your bank accounts.

The golden rule is to remember that no reputable institution will request that you reveal such information to their representatives. It is critical that such sensitive information is never shared with a third party.

Use safer and more convenient ways to pay
Choose the safest payment methods when shopping online to reduce the risk of fraud. Avoid using Instant EFT payments, which require you to reveal sensitive information to third-party providers in order to complete a transaction.

FNB Pay-enabled digital wallets, including its own Tap to Pay and Scan to Pay, Apple Pay, Samsung Pay, Fitbit Pay, and Garmin Pay, now allow customers to load their Virtual Cards for contactless ‘Tap to Pay’ transactions.

Customers are also encouraged to load existing virtual cards or create new ones for use with the Google Wallet app, which can be downloaded from the Google Play Store. This expands their contactless and digital payment options.

FNB also encourages customers to use their Virtual Cards for safer online payments and to approve online purchases via the FNB App. The Card Verification Value (CVV) security number on FNB Virtual Cards changes every hour, providing customers with an additional layer of protection.

FNB also provides complimentary Purchase Protect insurance for online purchases made with FNB and RMB Private Bank Virtual Cards. To mitigate the impact of any potential financial losses from this incident, the bank will assist affected customers in filing a claim through the Money Protect insurance solution.

Immediately report suspected fraud
Consumers should always exercise caution when transacting to protect themselves from potential fraud. This can help to avoid financial losses and the compromise of personal financial information. Precautionary measures include following the safety guidelines of financial institutions and taking personal responsibility to ensure that safety is always a priority.

If you suspect that you have been a victim of fraud, you must immediately notify your financial institution. If our customers suspect fraud, they can use the FNB App to temporarily block, cancel, or replace their cards.

“Protecting yourself does not stop with your bank card; it also includes being alert and practicing safe banking behavior in general, whether online, at ATMs, or over the phone. FNB has invested resources to inform, educate, and support customers on how to bank safely and avoid becoming a victim of fraud. General banking safety is a two-way street that requires consumers to be cautious in order to avoid falling victim to fraudulent activities,” Ramdhani concluded.

The news provided to you in this link has been investigated and compiled by the editorial staff of the Newcastle Advertiser, a sold newspaper distributed in the Newcastle area. Please follow us on Youtube and feel free to like, comment, and subscribe. For more local news, visit our webpage, follow us on Facebook and Twitter, and request an add on our WhatsApp (082 874 5550).