With Black Friday around the corner – a time when credit and account cards are in heavy use – we are urging consumers to stay alert against the rise in fraudulent activities.
The increase is the use of online platforms for shopping and managing bills, opens us up to more advanced types of fraudulent activity, so preventing and minimising the risk of financial fraud is important.
The solution is to take proactive measures to outsmart criminals and protect your hard-earned money. Taking these security measures to heart will protect against fraudsters, while empowering you with practical fraud preventative knowledge for safe usage.
What is credit fraud?
Credit fraud is the illegal and criminal use of another person’s identity and credentials to access/borrow money or use their credit/account cards.
The result of credit fraud is debt in your name made through fraudulent purchases. This may affect your future possibilities when applying for credit by causing your credit score to dip. To avoid this, educate yourself on the types of credit fraud and what you can do to prevent them.
Phishing scams
Phishing occurs when fraudsters attempt to get your sensitive personal information to transfer or access money and credit. These scams can be incredibly detailed and easy to believe.
Be wary of phishing and vishing attempts through email and phone calls where fraudsters claim to be a long-lost family member, a new love interest, a bank official, a fictional charity, or a false debt collector stating that a deceased family member has outstanding debt. Fraudsters are creative and will make use of any public personal information to target you.
You should never divulge personal information online, via WhatsApp messages or on a call without security checks.
Counterfeit credit or account cards
Another type of credit fraud is criminals making counterfeit cards, where your card has been swapped out or intercepted and counterfeits are made. This is done by taking the information on the magnetic strip to create a fake card.
Identity theft
Your personal information can be stolen and used to commit credit fraud through stolen cards, driver’s license, account numbers, usernames, and passwords. These are accessed through non-shredded documents or phishing scams.
Your stolen information can be used to set up bank accounts, bill payments, and make online transactions.
How to identify credit fraud
When it comes to your finances, always be vigilant and take note of every transaction online and offline. Check for unauthorised or unknown transactions on your statements and query them.
Not receiving an issued card timeously could mean that someone has intercepted your card to make counterfeit copies.
How to avoid credit fraud
- Review and assess your monthly account statements thoroughly to keep an eye on transactions.
- Make sure you’re transacting on secure websites when using your card.
- Check your browser’s navigation bar. Secure and legitimate websites start with https://
- Ensure social media sites you engage with are Meta verified (blue verification badge)
- Always check that you’ve received your card back after making a purchase.
- Do not disclose the following to anyone: your passwords, PINs, OTPs or CVVs (the three- or four-digit number, usually located on the signature panel on the back of your cards).
- Report lost or stolen cards immediately.
- Keep transaction slips to check against your statements.
- When transacting at an ATM, keep an eye on the card slot to make sure your card is not skimmed or replaced.
You should not be asked to make a deposit during your application for credit.
If you encounter any of the following issues, report them immediately:
- A lost or stolen card
- Receiving a transaction notification without making a purchase
- Receiving an OTP without conducting a transaction
What to do if you’re a victim of credit fraud
The first step is to contact your card issuer. If you suspect illegal activity query the transaction and your issuer can look further into the matter. If an investigation is required, your card will need to be frozen.
Report the activity to local authorities, for example, Southern African Fraud Prevention Service (SAFPS) or Whistle Blowers (Pty) Ltd.
As an extra precautionary step, take additional action to secure your credit by adding a
With International Fraud Awareness Week approaching, it’s a timely reminder to stay proactive about safeguarding our finances. Being vigilant and adopting simple preventive measures goes beyond protecting money, it helps maintain trust in the systems we depend on every day. By staying secure, consumers can fully enjoy the convenience of modern transactions without sacrificing safety.
Leon Jacobs | Chief Information Officer | RCS | mail me |
Related FAQs: Black Friday fraud prevention
Q: What should I be aware of regarding Black Friday fraud prevention?
A: As Black Friday approaches, it’s crucial to be aware of rising fraud trends. Ensure you’re shopping on secure websites, check for HTTPS in the URL, and be skeptical of deals that seem too good to be true.
Q: How can I protect my credit cards during online shopping this Black Friday?
A: To protect your credit cards during online shopping this Black Friday, use reputable websites, enable two-factor authentication and monitor your statements frequently for any unauthorised transactions.
Q: What are the common types of fraud that occur during Black Friday and Cyber Monday?
A: Common types of fraud during Black Friday and Cyber Monday include phishing scams, fake websites offering black Friday deals and card fraud. Be cautious of unsolicited emails and messages claiming to offer discounts.
Q: Why should I be cautious of deals advertised on social media platforms during Black Friday?
A: Deals advertised on social media platforms during Black Friday can often be fraudulent. Cybercriminals use these platforms to create scams that lure consumers into providing sensitive information. Always verify the legitimacy of the offers before making purchases.
Q: What essential tips can help me have a safe shopping experience during Black Friday?
A: To have a safe shopping experience during Black Friday, use strong, unique passwords for your accounts, avoid public Wi-Fi for transactions and always double-check the website’s security before entering any personal or financial information.
Q: How can I identify and avoid scams when making purchases this Black Friday?
A: To identify and avoid scams when making purchases this Black Friday, look for signs of legitimacy such as customer reviews, clear contact information and a professional website design. If a deal seems too good to be true, it probably is.
Q: How can I keep my sensitive information safe during the Black Friday shopping season?
A: To keep your sensitive information safe during the Black Friday shopping season, only shop on secure websites, avoid sharing personal details on unverified platforms, and regularly update your passwords to enhance security.
Q: What should consumers be aware of regarding Black Friday fraud prevention?
A: Consumers should be aware that the risk of fraud tends to increase significantly during Black Friday due to the high volume of online shopping. Staying informed about current fraud trends and being vigilant can help mitigate these risks.