Here’s how to avoid card fraud and identity theft as Black Friday approaches

It’s the shopping day that bargain hunters have been waiting for all year, but as Black Friday approaches (on November 29), South Africans are being urged to remain vigilant to elevated fraud risks due to increased online activity.

Leon Jacobs, Chief Information Officer at RCS, says there are three types of fraud that consumers need to look out for, namely: counterfeit credit cards, phishing scams and identity theft.

Credit card fraud occurs when criminals make counterfeit cards using the information on the magnetic strip of a legitimate card.

Phishing scams occur when fraudsters trick people into giving out sensitive personal information, usually through e-mails and phone calls, where fraudsters claim to be a bank official, charity, debt collector or even a new love interest or long-lost family member. These scams can seem very believable.

Finally, identity theft - perhaps the scariest of the lot - involves the use of personal information to commit credit fraud through stolen cards, driver’s licences, account numbers, user names and passwords. These are accessed through non-shredded documents or fishing scams, and information can be used to set up bank accounts, bill payments or make online transactions.

“The increase in 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,” Jacobs said.

He says the solution is to take proactive steps to outsmart criminals. This includes taking note of every transaction that takes place online and offline.

Take heed of the following tips to prevent 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.

Any of the following issues should be reported immediately

• A lost or stolen card

• Receiving a transaction notification without making a purchase

• Receiving an OTP without conducting a transaction

Customers suspecting credit card fraud should contact their bank immediately. If an investigation is required, the card will be frozen.

In addition, suspected fraud can be reported to the Southern African Fraud Prevention Service (SAFPS) and Whistle Blowers.

South Africans can also check whether they’ve been victims of identity theft using websites such as ClearScore (free) and Transunion.

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