Manie van Schalkwyk | Executive Director | The Southern African Fraud Prevention Service | mail me |
Over the past five years, Black Friday and Cyber Monday has become big business in South Africa. And we are not talking about standing in insanely long queues for toilet paper; while South Africa has not embraced the same type of discounts that the US does when Black Friday officially opens the festive shopping season, South Africans are always up for a deal and want to be first in line to take advantage of this.
Lying in wait
While consumers are chomping at the bit to get hold of the special offers that Black Friday has in store, fraudsters are similarly eager to take advantage of the shopping bug. This is becoming easier as there is an increased movement to participate in online Black Friday offers.
We are all aware of the growing influence of technology and the growing interest in skipping long queues. The allure of online shopping is growing in South Africa. However, consumers need to be careful not to let Black Friday become a day for fraudsters. Vigilance is needed.
One of the biggest issues that consumers need to be aware of is that not every deal is as enticing as it looks. If it is to good to be true, it probably is. You wouldn’t be the first consumer to hand over your money to take advantage of a deal only to never see the product that you have purchased.
A wolf in sheep’s clothing
There is also the unfortunate reality that there are a growing number of websites that market the fact that they offer legitimate Black Friday deals while they are merely a front to gain access to valuable personal information.
This is a serious red flag. This is a common tactic that we have come across. Fraudsters look to harvest this personal information using malware. The consumer only becomes aware that they have fallen into a fraudsters honey trap when they receive an invoice for goods that they did not purchase in the first place.
There is also the reality that hackers can gain access to your PC while you are browsing these so-called deals. This will most likely be the same PC that you use to do your internet banking. And if you do not practice a stringent password protocol, hackers will have no trouble accessing your account.
The statistics when it comes to this type of fraud is becoming shocking. In an interview with independent.co.uk, Detective Chief Superintendent Dave Clark (from the City of London Police) said that identity fraud is the engine that drives much of today’s criminality and so it is vitally important that people take some simple steps to keep their personal information safe and secure.
This is especially the case as we enter the Christmas period and millions of us start buying presents online.
Don’t be a victim
While there is an increased risk when it comes to Black Friday and Cyber Monday, it is not a doom and gloom situation. Consumers can protect themselves and take advantage of the deals on offer.
Here are a few tips that need to be followed in order to ensure their protection:
- Make sure who you are buying from. Most major retailers are also jumping on the cyber bandwagon. If consumers want to skip the queues to make their purchases, they should do it through the official website of their retailer of choice;
- Be payment savvy. Consumers need to be aware about how they pay for their goods. This should be done through verified, secure payment methods. If a retailer is asking for an EFT, it is a serious red flag;
- Monitor bank accounts following Black Friday. It is always important that consumers keep a close eye on their bank accounts following Black Friday. While some fraudsters wait a long time to make their illegal transactions, most fraudsters employ hit and run tactics. They will strike immediately following Black Friday or Cyber Monday (usually a day or two) and hope to make a quick get-away; and
- Consumers need to be very aware of public Wi-Fi. Most retailers offer Wi-Fi hotspots in their stores that consumers can use while they are making their purchases. This is great, except that it is very easy to duplicate these hotspots which fraudsters than use to gain access to smart devices that are typically used to do online banking.
Be prepared
The reality of the world that we live in today is that consumers are migrating towards platforms which make their life easier. They no longer want to wait in massive queues to make purchases if it can be done in the comfort of their home.
The added advantage of this is that their purchase is then delivered to them. Consumers need to be vigilant. Know what you want to purchase, know where you want to purchase it from and know how you are going to pay for this purchase. Vigilance is key.
