This year, Black Friday is expected to attract more consumer interest than in previous years, with studies indicating that the day dedicated to incredible shopping deals could boost the local economy by an astonishing R88 billion.
However, the increased interest in Black Friday has also resulted in the rise of clever scams to entrap consumers, Cape {town} Etc reports.
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A surge in online shopping and card transactions is expected over Black Friday and the festive season, which, according to the Daily Investor could generate R88 billion for South Africa’s wholesale, retail, and fuel sectors.
This rise in online activity, however, makes it prime time for scammers to target consumers and businesses. In response, Standard Bank has issued guidance on how consumers can protect themselves from common scams.
Card fraud remains a prevalent scam, with criminals often using phishing emails or fake calls to extract card details and make unauthorised transactions. To prevent this, Standard Bank advises consumers to avoid sharing card details unless the legitimacy of the platform is fully verified.
Another frequent scam is the one-time password (OTP) scam, where fraudsters impersonate trusted service providers to request an OTP from the consumer. With this information, they can access the victim’s bank account. Standard Bank stresses that it will never request an OTP via phone or email.
Fake online shopping platforms also proliferate during Black Friday. These scams involve setting up fraudulent websites to capture consumer payment details. To identify secure sites, consumers should check for ‘https’ in the URL.
Phishing and vishing scams are other methods scammers use to gather personal information. Phishing scams come in the form of urgent emails that appear legitimate and urge the recipient to click on links or attachments, potentially compromising personal data. Vishing, by contrast, involves direct phone calls where scammers press for personal information, often under the guise of customer support. Authentic institutions, however, will never request sensitive details this way.
Standard Bank advises consumers to protect themselves by remaining vigilant, verifying the legitimacy of any organisation that requests personal information, and refraining from sharing sensitive details like card information.
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Picture: Porapak Apichodilok / Pexels
