Black Friday scams: Here’s how to protect your money
Black Friday deals can be irresistible, but they’re often bait for scammers. We’ve compiled a few tips on how to spot fraud and protect yourself this shopping season.
As Black Friday and Cyber Monday approach, eager shoppers may find themselves enticed by incredible online deals. It’s important to be wary as fraudsters are waiting in the wings, ready to take advantage of the shopping frenzy.
According to the Southern African Fraud Prevention Service, fraud incidents have surged by 32% this year, and some of the most common scams target online shoppers with fake goods, fake websites, and other clever tricks.
South African banks, including Absa, Standard Bank, Discovery Bank, and Capitec, are sounding the alarm on the rising number of fraud cases.
One particularly concerning scam involves the sale of non-existent goods. These scams often advertise popular products at too-good-to-be-true prices to lure in unsuspecting buyers.
The catch? Once you make the purchase, the seller vanishes, leaving you without the item (and without your money).
Social media platforms like Facebook Marketplace have become hotspots for these scams, with fraudsters also setting up fake e-commerce sites or sending phishing emails that mimic legitimate brands.
These fraudulent websites may look almost identical to well-known retailers, with minor domain changes that are difficult to notice.
Ulrich Janse van Rensburg, Chief Fraud Strategy & Analytics Officer at Absa Everyday Banking, told BusinessTech that he had issued a specific warning about deposit scams, which tend to spike during shopping events like Black Friday and Cyber Monday.
Fraudsters create a sense of urgency around deals, pressuring shoppers to act fast. Once you make a deposit for an irresistible deal, you soon find out the product doesn’t exist and by then, it’s too late to recover your funds.
The South African Banking Risk Information Centre (SABRIC) also warns consumers to be vigilant when shopping online.
Look for signs of a scam, such as spelling errors in emails or unfamiliar e-commerce sites.
Legitimate websites will often redirect you to a 3D Secure page for payment confirmation, so be wary if this doesn’t happen.
To protect yourself, don’t reuse passwords across different sites, avoid storing card details online, and never share personal information like your ID number with an online merchant.
Scammers can use these details to steal your identity or access your bank accounts.
Standard Bank advises shoppers to be cautious of unusually low prices and urges them to research the market value of items before making a purchase.
By staying informed and taking proper precautions, you can enjoy your Black Friday shopping without falling prey to scammers.
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