scams, phishing, money matters, festive season Man using his banking card, Image: Pexels
December is the season of giving, but unfortunately, it’s also prime time for cybercriminals looking to cash in on unsuspecting shoppers.
With online shopping becoming a staple for South Africans, staying vigilant in the face of increasingly sophisticated scams is a must.
Chris Boxall, Head of Card Transact, Industry, and Fraud Detection at FNB, and cybercrime expert Dr. Craig Pederson shed light on how you can stay one step ahead of fraudsters.
The festive frenzy often sparks a surge in phishing, smishing, and other scams designed to target your hard-earned money.
Boxall highlights how scammers aim to load stolen debit and credit card details onto digital wallets, exploiting any lapse in security.
“Cybercriminals are more sophisticated than ever, which makes vigilance crucial,” he warns.
Pederson echoes this sentiment, noting the alarming increase in cybercrime in South Africa. “From sim-swapping to deepfake audio impersonations, scammers are using cutting-edge technology to deceive individuals and businesses alike,” he says.
FNB has introduced Virtual Cards that come with a dynamic CVV, changing every hour for added security.
These cards are compatible with platforms like Apple Pay and Google Wallet, offering safe, contactless transactions. Boxall explains, “Not only are Virtual Cards safer, but they also include perks like Purchase Protect Insurance, covering online purchases up to R15,000 for 30 days.”
For Pederson, education and awareness remain the ultimate defense. “You need to evolve with the risks associated with technology,” he advises.
Use strong, unique passwords, and update them every six months. Enable two-factor authentication (2FA) on all accounts, including messaging apps like WhatsApp, for an extra layer of protection.
Avoid clicking on suspicious links in emails or messages. Pay attention to website inconsistencies; fake sites often crash or display errors.
Always verify payment details and use secure platforms like Virtual Cards instead of exposing sensitive information.
Keep your devices and antivirus software updated. Regularly educate yourself on emerging scams to outsmart evolving tactics.
If you suspect fraud or lose your card or phone, notify your bank immediately. FNB customers can block or replace cards via the FNB App.
Employees should stay alert for impersonation scams, such as fake invoices or deepfake audio/video instructions.
Even those familiar with online safety, like Margaret*, a teacher, can fall victim to phishing and fake websites. “I felt like an idiot,” she admits. Her experience underscores the need to double-check before entering sensitive information.
Similarly, high-profile cases like Shashi Naidoo’s loss of over R500,000 due to SIM-swapping reveal how quickly scammers can exploit stolen devices.
Whether shopping for the perfect gift or managing your business, cybercrime is a reality you can’t ignore. Staying informed, adopting secure practices, and leveraging technology like Virtual Cards can protect you and your finances this festive season.
Remember, in the face of sophisticated cyber threats, knowledge and vigilance are your best allies. Stay sharp, stay safe, and enjoy the holidays with peace of mind.
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