If possible, avoid using physical cards – rather use your virtual card. This gives you control over where and how your card is used. Virtual cards give you more security by allowing you to create, set limits and pause virtual versions of your physical card. For device payments, it is advised to create and use different virtual cards for each device for digital wallets like Samsung Pay, Garmin Pay, Fitbit Pay, Apple Pay and Google Pay. A virtual card also can’t be lost or stolen. Always pause your virtual card after shopping online or in-store.
You can easily check and update your card limits on your online banking app. This may also help you stick to your budget. Regularly review your limits. Don’t set higher limits that leave you vulnerable to greater losses.
You can use reliable free online services, like Yima, to detect fake websites and report scams. Yima creates a centralised repository of all scam data. It’s where you can go to educate yourself on the latest scams, but it will also give you the ability to report a particular scam that you may have fallen for. Staying alert helps protect you and others from fraud. Always verify website URLs before entering any personal or financial information.
You should never enter your banking details on unfamiliar sites. Type the URL directly into your browser to ensure it’s the correct one. Bookmark trusted sites for easy access and avoid phishing scams.
You must delink any unused or lost devices from your online banking profile. Immediately notify your bank if your device is lost or stolen. You should also regularly review linked devices for extra security.
Every now and then, you should check for any unknown devices linked to your card to make sure no one has loaded your card on an unknown device. Set reminders to check your linked devices every few months.
Scammers are paying for ads on search engines like Google that pretend to sell popular items, but lead to fake sites where you shop and enter your credit card details.
The most prevalent Black Friday scams are purchase scams – targeted sales emails that claim to be from a legitimate retailer advertising their Black Friday deals. Instead of clicking on links in emails, rather go straight to the company’s official website.
Fraudsters send SMSes purporting to be from a retailer or courier with fake parcel tracking information. They often claim that you’ve missed a delivery and need to click a link to schedule another slot. If you do so, your device may be infected with malware or you will be taken to a fake website where you will be asked to enter your payment details.
In October this year, Cape Union Mart and Poetry were the target of an international scam that fabricated very realistic social media adverts to direct traffic to fake websites – that were almost exact replicas of the original sites, but with slightly different URLs. The fraudulent sites offered significantly discounted items and tricked customers into entering their credit card details to pay for products that never arrived.
Fraudsters prey on the urgency of “last minute” deals to pressure you into making rash purchases without taking the time to assess the legitimacy of retailers.
If it looks too good to be true, it probably is. Don’t click on links sent via SMSes or emails, or social media, rather go directly to the retailer’s official website.
If you’re buying from a retailer you’re unfamiliar with, check the online reviews before you check out to see if other shoppers are flagging fraud.
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