Cybersecurity tips for safe online shopping this holiday season
This holiday season, avoid falling prey to scams! FNB's Chris Boxall shares expert advice on safeguarding your digital wallet.
As December ushers in the start of the holiday shopping and spending season, it also unfortunately signals an increase in cybercrimes.
As a result, shoppers must be extra vigilant to avoid falling victim to fraudsters.
FNB’s head of card transact, industry, and fraud detection Chris Boxall said: “Shopping sprees are always characterised by a rise in attempts to defraud unsuspecting consumers through malicious tricks and scams. Having seen an increase in phishing and smishing attempts aimed at loading debit and credit cards onto criminals’ digital wallets, it remains more important to be on high alert when shopping online with your digital wallets.”
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He added that the number of South Africans who choose the convenience of online shopping to avoid queues has increased significantly over the years, and with cybercriminals becoming increasingly sophisticated in their attempts, it is crucial to ensure that safety remains top of mind when shopping.
FNB has enabled its customers to load their virtual cards for contactless transactions on all enabled digital wallets, including Apple Pay, Samsung Pay, Fitbit Pay, and Garmin Pay.
Consequently, customers are encouraged to load their existing virtual cards or create new ones to use with the Google Wallet app, which can be downloaded from the Play Store. This gives them more options for contactless and digital payments.
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“FNB further encourages its customers to use its virtual cards for safer online payments, and to approve online purchases through the FNB app. The Card Verification Value (CVV) security number on FNB virtual cards changes every hour, providing an extra layer of protection for customers.
“FNB also covers online purchases made using FNB and RMB Private Bank virtual cards with complimentary Purchase Protect insurance. It covers customers’ purchases for 30 days post-purchase, up to R15 000 and, in case of an accident, the insurance will cover repairs, or the item’s purchase price,” Boxall said.
The bank has also introduced Money Protect, a free insurance cover for certain card fraud-related losses up to a predetermined amount. “The bank will assist affected customers with claims through the Money Protect insurance solution to alleviate the impact of any potential financial losses from such incidents,” he added.
The most important piece of advice that Boxall gives is to immediately report suspected fraud. “When transacting, consumers should always exercise caution to protect themselves from possible fraud. This can help prevent financial losses and the compromise of one’s financial and personal information.
“When you suspect that you have been a victim of fraud, or in situations where your cards or phone are stolen, you must notify your financial institution immediately. Our customers can use the FNB app to temporarily block, cancel, or replace their cards if they suspect fraud,” Boxall warned.
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