Black Friday and Cyber Monday have become much-anticipated days on South Africans annual shopping calendar. Stores nationwide slash prices, offering significant discounts that attract thousands of consumers.
Many of these deals are available online, and while these digital shopping opportunities offer ease and convenience during the busy festive season, Privesan Naidoo, executive for trading products at Nedbank, pointed out, online shopping can also leave consumers vulnerable to theft.
“While the convenience of online shopping is undeniable, it can lull us into a false sense of security,” he said, “but we should be doubly vigilant when shopping online to ensure the season of giving doesn’t become one of loss due to cyber scams.”
Naidoo offered a number of useful tips to help online shoppers remain safe as they used their credit cards to take advantage of the many great online deals and discounts over the 2023 sale season:
Do some digital housekeeping before you go shopping. “Your first line of defence is a secure connection,” Naidoo said. “So there are a few essential steps you should take before you even start shopping online.” Firstly, ensure your home network is well-protected with strong encryption and Wi-Fi passwords. Update your internet browser to the latest version. Then, make sure the passwords for any of your online accounts, especially digital banking sites, are also strong. Mix-up letters, numbers and symbols to make it tough for hackers to get in. Don’t use public or shared Wi-Fi when shopping or transacting. It’s easy for hackers to get your information if you use these networks, so it’s best to use your own data or a secure home connection. And lastly, if possible, use a VPN to shield your activity from unauthorised eyes.
Activate transaction alerts. “Awareness is key to detecting fraud early,” noted Naidoo. He advised online shoppers to activate any transaction alerts on their credit card offered by their bank. In this way people are notified when a transaction occurs and, in many cases, must confirm the transaction before the money is taken from their card account. “This level of monitoring can often be the difference between being a victim of fraud and stopping it in its tracks,” Naidoo said.
Only shop on websites you know and trust. It’s tempting to look for the best deals online at this time of year, but Naidoo warned that not all deals are created equal, nor are all retailers reputable. He suggested sticking with well-known websites and doing due diligence on any new ones one may want to purchase from by looking for verifiable reviews and a physical business address. “This time of the year sees a host of scam websites popping up,” he explained, “so before you share your precious credit-card details check the site for any of the tell-tale signs that it may be fake, such as small changes in the web address, a strange email address or poor-quality images.”
Try to use credit cards instead of debit cards. When you shop online try to use a credit card instead of a debit card. Credit cards, like an American Express card, have better protection if something goes wrong, such as if someone gets your card information. “Use the credit card online or off and you won’t be held responsible for any fraudulent charges, as long as you’ve taken reasonable care to protect your account details, PIN and any device on which you have added your account information. Notify your bank at once if your card or eligible device is lost or stolen, or you suspect it is being used without your permission.”
Don’t store your credit-card information online. Many online retailers offer the option of storing one’s credit-card information on their e-commerce platforms so that checking out in future is quick and easy. But Naidoo says you should think twice before doing this. “While storing your card for convenience is tempting, it’s safer to opt out, because there’s always the possibility of hackers accessing data on the site, and if your card details are held there it raises the risk of their using your information for fraudulent purposes down the line.”
Use virtual cards, if possible. Using a virtual credit card for online shopping adds extra security because it creates a unique card number that is linked to your physical credit card, but keeps your main card information safe. If this number is stolen it can’t be used again, and you can set limits on how much money can be spent with it. You can even set your own expiration date to ensure the “card” cannot be used again in future or debited without one’s consent. “A virtual card is easy to use and helps prevent fraud without making shopping online more complicated, and if this card gets compromised the rest of your finances remain fully insulated and protected.”
Keep an eye on your bank account. Naidoo encourages consumers to make it a habit to check their bank and credit-card statements regularly. “Look out for any purchases you didn’t make, and if you see something strange contact your bank right away,” he said. “The sooner a fraudulent transaction is identified the better the chances of a positive resolution.”
Embedding these practices in people’s online shopping, especially during high-traffic sale events such as Black Friday and Cyber Monday, can really improve the security of their credit-card transactions. “Stay alert and secure, and remember, the best deal is one that doesn’t compromise your safety or financial security,” Naidoo concluded, “so don’t let your eagerness for good deals diminish your common sense. Vigilance costs nothing, but it can save you a lot of money.”
