Standard Bank warns of Black Friday scams

Standard Bank has warned South Africans of a rise in scams as the country heads towards Black Friday, with increasingly persuasive tactics being used by criminals. 

Black Friday in 2024 is expected to generate more consumer interest in South Africa than in previous years, with studies showing it could boost the local economy by R88 billion. 

Capital Connect found that South Africa’s wholesale, retail and fuel sectors are forecasted to generate more than R88 billion in additional economic value for the economy as a whole during November 2024.

The study by the Bureau of Market Research showed that South African retailers will generate R22 billion in additional direct revenues from Black Friday sales this year and R28 billion in indirect economic impact. 

In this same period, the wholesale sector will gain an additional R32.1 billion in sales, while a further R6.2 billion in fuel sales will be generated. 

Amid this surge in spending, Standard Bank has advised its clients to remain alert to the heightened risk of cybercrime during November.  

The bank said the convenience of online shopping has resulted in more clients purchasing goods and services online. 

Digital wallets, including Apple Pay, Samsung Pay, and Google Pay, accounted for 37% of all online purchases in 2023 and may reach close to 50% in 2024. 

“This shows a broader shift in consumer behaviour toward more convenient, efficient payment options,” said Dr Belinda Rathogwa, Standard Bank’s Head of Digital and eCommerce. 

“However, cybercriminals also view this shift as an opportunity, prompting them to target online shoppers during Black Friday,” Rathogwa said. 

Standard Bank’s data reveals that scams are widespread, with 38% of cases reported in Gauteng, followed by KwaZulu-Natal at 18% and the Western Cape at 15%. 

Rathogwa says that the bank has identified some concerning trends around Black Friday and has seen a rise in more persuasive scams on social media in particular. 

Phishing attacks continue to be a significant threat, wherein fraudsters send deceptive emails pretending to be legitimate companies such as retailers, streaming services, and banks. 

These emails contain links to fake websites designed to steal sensitive information like login details and PINs. 

Some scammers also entice recipients by promising rewards to the first few buyers, encouraging them to click on malicious links.

Another increasingly common tactic is the goods scam and online purchase scam, where fraudsters promote heavily discounted deals through social media. 

They create pages, build a fan base, and post fake reviews to lure buyers. Once an interested buyer engages, the conversation shifts to WhatsApp to discuss banking and courier details. 

After the victim makes the payment and provides proof, the social media pages and phone numbers vanish.

“Deals that seem too good to be true usually are. Be cautious if someone pressures you to make a quick payment to secure a deal. Also, watch for fake websites that closely mimic legitimate retailers,” Rathogwa warned. 

How to protect yourself from Black Friday scams: 

• Confirm before making a purchase: Buy only from trusted and verified sources. Read transaction details carefully and ensure that any OTP generated is for that specific transaction.
• Verify before you pay: Use Standard Bank’s Account Verification Service to double-check beneficiary account details before making any electronic transfers.
• Stay Private: Avoid using public computers, public Wi-Fi, or someone else’s phone to access your online banking.
• Avoid clicking on links: Found a voucher or a discounted deal with a link? Don’t be tempted to click on that link, especially if it leads you to your online banking profile. Only fraudsters will send you links that direct you to your banking profile and request you to enter your login credentials.
• Manage Your Devices: For your safety, delink any unused, sold, lost, or stolen devices from your online banking profile. Notify your bank immediately if your device is lost or stolen.
• Report any suspicious activity 

Rathogwa advises shoppers to carefully examine the web address for typos or missing characters before making online purchases, as scammers often create sites that closely resemble those of legitimate retailers.