November marks the start of seasonal spending, with consumers looking for Black Friday and Cyber Monday deals.
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While this is an exciting time of year, it is equally critical for customers to be vigilant when shopping to avoid falling victim to fraudsters.
“Shopping sprees are always characterised by a rise in attempts to defraud unsuspecting consumers through malicious tricks and scams. It is 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. It is crucial to ensure that safety is a top priority when shopping online,” said Trish Ramdhani, head of fraud at FNB Card.
Ramdhani shared safety tips to help you protect your money against fraudsters lurking online.
• Beware of tricks or gimmicks.
Cybercriminals occasionally create bogus online stores that claim to sell hard-to-find items like beauty cosmetics or 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 looking credible.
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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.
• 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 like a username or password to access your bank accounts.
The golden rule is to keep in mind that no reputable institution will ask you to disclose such information to their representatives. It is critical to never 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 prevent financial losses and the compromise of one’s 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.
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When you suspect 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 practising safe banking behaviour all-round, online, on ATMs or over the phone.”
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