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With the surge in online shopping expected to continue this year after Standard Bank (JO:SBKJ) recorded the highest increase in 2023, the banking group advises clients to remain alert to the heightened risk of cybercrime during Black November.
During the Black Friday weekend in 2023, Standard Bank customers’ online purchases surged by 17% compared to the same period in 2022, surpassing the highest growth recorded in 2021. Digital wallets including Apple (NASDAQ:AAPL) Pay, Samsung (KS:005930) Pay, and Google (NASDAQ:GOOGL) Pay, accounted for 37% of all online purchases.
The convenience of online shopping has resulted in more clients purchasing goods and services online. “This shows a broader shift in consumer behavior toward more convenient, efficient payment options. However, cybercriminals also view this shift as an opportunity, prompting them to target online shoppers during Black Friday” says Dr. Belinda Rathogwa, Standard Bank’s Head of Digital and E-commerce.
Good scams on the rise Another increasingly common tactic is the goods scam and online purchase scam, where fraudsters promote heavily discounted deals through social media. They create pages, build a fan base, and post fake reviews to lure buyers. Once an interested buyer engages, the conversation shifts to WhatsApp to discuss banking and courier details. After the victim makes the payment and provides proof, the social media pages and phone numbers vanish.
Standard Bank’s data reveals that scams are widespread, with 38% of cases reported in Gauteng, followed by KwaZulu-Natal at 18% and the Western Cape at 15%. “Deals that seem too good to be true usually are! Be cautious if someone pressures you to make a quick payment to secure a deal. Also, watch for fake websites that closely mimic legitimate retailers,” she warns.
Rathogwa advises shoppers to carefully examine the web address for typos or missing characters before making online purchases, as scammers often create sites that closely resemble those of legitimate retailers.
How to protect yourself from Black Friday Cybersecurity Threats
- Confirm before making a purchase: Buy only from trusted and verified sources. Read transaction details carefully and ensure that any OTP generated is for that specific transaction.
- Verify before you pay: Use Standard Bank’s Account Verification Service to double-check beneficiary account details before making any electronic transfers.
- Stay Private: Avoid using public computers, public Wi-Fi, or someone else’s phone to access your online banking.
- Avoid clicking on links: Found a voucher or a discounted deal with a link? Don’t be tempted to click on that link, especially if it leads you to your online banking profile. Only fraudsters will send you links that direct you to your banking profile and request you to enter your login credentials.
- Manage Your Devices: For your safety, delink any unused, sold, lost, or stolen devices from your online banking profile. Notify your bank immediately if your device is lost or stolen.
The post How Can You Recognize and Avoid Black Friday Scams? first appeared on IT News Africa | Business Technology, Telecoms and Startup News.