Don't fall victim to cyber fraud

It's November and we’re edging closer to the festive season rush. If it’s not early Christmas ads, Black Friday specials are everywhere. 

Traditionally, Black Friday is an event that takes place the day after the American Thanksgiving holiday and is marked by massive discount sales. Over the years, retailers introduced it here in Mzansi and it grew in popularity. Said popularity gave opportunity to online scammers and fraudsters to take advantage of unsuspecting shoppers looking for a bargain. 

Organisations around the world lose up to 5% of their annual revenue to fraud. For individuals, statistics by the South African Fraud Prevention Service (SAFPS) reported a “600% increase in online fraud with instances in digital banking, website vulnerabilities and impersonation fraud, in the past 4 years.” 

Ironically, increased access to the web and information is parallel to the increase in cyber crimes.  

As with anything relating to your personal information, shopping over Black Friday and the festive period needs to be done carefully. It is crucial to be aware of possible cyber fraud and know how to protect yourself. 

What is cyber fraud 

Cyber fraud, also known as online fraud, involves using computers, the internet, and technology to trick or manipulate people or organisations for financial gain or other unlawful purposes. Cyber fraud can take various forms, these include:

• Phishing emails: Fraudsters send you an email that appears to be from your bank, asking you to click on a link and provide your login credentials. However, the email is fake and the link leads to a fake website that steals your information. 
• Online shopping scams: How often have you come across a website with deals that seem too good to be true, it usually is. Online shopping scammers advertise incredible deals on popular products; but after making a payment, you never receive the items, and the website vanishes. 
• 419 scams aka advance fee fraud: You receive an email or message promising a large sum of money but, and here’s the catch, you must first pay a fee to release the money. After sending the fee, you never receive the promised funds. 
• Identity theft: Cybercriminals obtain your personal information, such as your ID number or bank card details, and use it to open credit accounts in your name so they can buy expensive items, making massive debt in your name. 
• Investment scams: You receive unsolicited messages promoting investment opportunities with high returns, but they turn out to be Ponzi schemes that defraud investors. 
• Credit card skimming: Criminals use machines to make a copy of your bank card information when you swipe your card. This is also known as cloning your card, and they use your bank details to buy things. 

These are just a few examples of cyber fraud. Cybercriminals continually come up with new tactics so it's essential to stay vigilant and take precautions to protect yourself from online scams. 

How you can protect yourself against cyber fraud 

Verify the sender: Check the email address to ensure it's legitimate. Be wary of generic or misspelled email addresses. 

Don't click suspicious links: Hover your mouse over links to see the actual web address before clicking. If it seems fishy, avoid it. 

Type the website address yourself: Instead of clicking on links in emails, manually enter the website address in your browser. 

Shop on trusted websites: Stick to well-established and reputable online stores. Avoid unknown or unfamiliar websites, especially if their deals seem too good to be true.  

Look for "https://" and a padlock icon: Ensure the website's URL begins with "https://" and that there is a padlock symbol in the address bar. This shows a secure, encrypted connection. 

Read reviews: Check for customer reviews and ratings on the website. Legitimate retailers typically have a history of customer feedback. 

Enable two-factor authentication: Whenever possible, enable two-factor authentication for your online shopping accounts. It adds an extra layer of security. 

While Black Friday sales are supposed to offer incredible discounts, be wary of deals that seem too good to be true. Fraudsters often use this as bait to lure unsuspecting shoppers. The same principle we’ve detailed here about shopping, applies with any financial decision you make – getting the right funeral cover or choosing a savings vehicle for retirement, always look for the advice on reputable platforms and cross check the details. 

P.S. Too much Black Friday and “ke Dezemba Boss” can lead to heavy Janu-worry, so plan accordingly to avoid overspending. 

#TogetherWeCan