The most common Black Friday bank scams in South Africa

the most common black friday bank scams in south africa

Sumary of The most common Black Friday bank scams in South Africa:

  • The Ombudsman for Banking Services (OBS), Reana Steyn, says consumers should be wary of an increase of scams over Black Friday and the holiday period.
  • Additionally, consumers should regularly go through their account statements in order to identify and immediately report any suspicious entries that they flag as suspicious, she said.
  • ” Increase in banking scams Steyn pointed out that, due to the growing popularity of e-commerce, the OBS has seen an increase of 31.34% in internet banking fraud related cases in 2021. The majority of the people who fall victim to internet banking fraud are those who clicked on unsolicited links which they believed were from their banks, she said.
  • Once the victim enters their personal details into the site, the fraudsters have access to all the information that they need to commit identity fraud.
  • ” Only after the fraud is committed do they discover that the link that they clicked on was fraudulent, said Steyn.
  • “Again, this is a very sophisticated scheme as the fraudster poses as a bank representative who is helping the consumer resolve an issue on their account – usually an urgent matter to allegedly prevent fraud on their account.
  • Only once the fraud has been committed does the consumer find out that they were being tricked into giving away personal information,” said Steyn.
  • She advised that events like Black November, as well as the Festive season and holidays, have previously proven to be fertile breeding grounds for fraudsters to take advantage of consumers who let their guard down.

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