BUSINESS NEWS - The holiday shopping and spending season also unfortunately signals an increase in cybercrimes.
It is critical for shoppers to be extra vigilant to avoid falling victim to fraudsters.
Chris Boxall, FNB’s Head of Card Transact, Industry and Fraud Detection says “Shopping sprees are always characterised by a rise in attempts to defraud unsuspecting consumers through malicious tricks and scams.
Having seen an increase in phishing and smishing attempts aimed at loading debit and credit cards onto criminals’ digital wallets, it remains more important to be on high alert when shopping online with your digital wallets.
“The number of South Africans who choose the convenience of online shopping to avoid queues has increased significantly over the years, and with cybercriminals becoming increasingly sophisticated in their attempts, it is crucial to ensure that safety remains top of mind when shopping,” he says.
Boxall says FNB encourages their customers to load virtual cards on digital wallets for safer contactless and digital payments and to approve online purchases through its banking app. The Card Verification Value (CVV) security number on FNB Virtual Cards changes every hour, providing an extra layer of protection for customers.
The most important piece of advice that Boxall gives is to immediately report suspected fraud. When transacting, consumers should always exercise caution to protect themselves from possible fraud.
However, when you suspect that you have been a victim of fraud, or in situations where your cards or phone are stolen, you must notify your financial institution immediately.
“Protecting yourself is not simply limited to your bank card, but also includes practicing safe banking behaviour all round, online, at ATMS, and on your devices,” says Boxall.
Safety tips to help you protect your money against fraudsters:
- Don’t panic: Fraudsters rely on people acting hastily, due to a sense of panic. Their tactics include threats that your accounts will be blocked or that fraud has been identified and must be stopped immediately. Whatever the scenario, keep in mind that such things will never compel you to give away OTPs, PINs, or passwords. It is safer to end such communication and contact your bank immediately.
- Do not click on email or SMS links: Proceed with caution when opening emails from unknown or suspicious sources. Credible financial institutions will never ask you to click on links. Doing so or downloading attachments from these kinds of messages should be avoided as they may include harmful malware or redirect you to fake websites.
- Pay careful attention to the wording of OTP requests. The wording for an online transaction OTP request is different to that of a digital wallet OTP request – don’t rush or make assumptions about communications you might receive.
- Enable two-factor authentication (2FA): Enable 2FA wherever possible, since it adds an extra layer of security by requiring a second verification step, which is often transmitted to your mobile device or an authenticator app.
- Take note of the card and digital safety measures recommended by your financial institution: There is a lot of misleading information about how people may protect themselves from fraud, but it is always preferable to follow your financial institution’s recommendations on how to secure your money.
- Keep software and devices up to date: Update your operating system, web browsers, and antivirus software on a regular basis to guard against vulnerabilities. To ensure that you get the most recent security fixes, enable automatic updates whenever possible.
- Verify contact details: If you are suspicious of a message or request, contact your bank using details directly from their website so that you are not redirected to the fraudster’s ‘help line’.
- 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.
Read original story on www.citizen.co.za
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