Senior citizens warned to be extra careful to protect their money this holiday season

If you are one of the consumers who managed to save for your golden years to retire comfortably, it is important to remember that scammers and thieves are at their busiest during the festive season.

Many senior citizens spent decades working hard, saving diligently and investing wisely to build a secure financial future. For them, retirement should be a time to enjoy the fruit of their labour, without worrying about losing it all to fraud. However, during the festive season, scammers are more active than ever, targeting people who can least avoid the loss, Chris Boxall, FNB head of Card Transact.

“We know that excitement over this time of year often drives higher retail spend, but we urge our customers to remain cautious and extra vigilant. By staying alert, they can avoid falling victim to fraud when shopping in-store and online.”

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Senior citizens prefer cash, which makes them vulnerable

Zibu Nqala, CEO of FNB Points of Presence, echoes the sentiment. “Many South Africans, including senior citizens, still prefer the convenience of using cash rather than physical bank cards, virtual cards, or even wearable devices.

“These customers also rely on easy access to our in-branch and offsite points of presence for cash withdrawals. However, a ‘cash is king’ mindset can leave people more vulnerable to fraud. That is why we continually remind our customers that fraudsters are always finding new and smart ways to scam them.

“Awareness is your strongest defence against fraud. Staying informed and alert can help make this festive season safe and worry-free.”

Boxall and Nqala share these easy safety tips to help senior citizens outsmart scammers ahead of Black Friday and the festive season:

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Take note of red flags when using ATMs or parking stations

Nqala says as the year draws to a close, they often see a surge in cash withdrawals, whether for buying road trip refreshments or stocking up for family braais. Unfortunately, this seasonal spike also tends to coincide with a rise in ATM and card-related fraud attempts and attempts at card swapping at ATMs and parking stations.

“Although our data shows a 3% reduction in cash related transactions year-on-year, we expect this trend to continue as more customers embrace digital channels. However, there are still many customers who still use cash to facilitate their payments.

“We urge customers to exercise caution and remain vigilant when withdrawing or depositing cash at ATMs and when using a card to pay at parking ticket stations.”

This is how to stay safe while doing ATM and parking station transactions:

• Never accept help from strangers and always remain vigilant;
• Stand as close as possible to the ATM or parking ticket machine when transacting and never let anyone stand close or distract you while you are busy with the transaction;
• When transacting, cover the ATM or parking ticket machine keypad with your hand as scammers can place cameras to record your PIN as you punch it in;
• Do not enter your PIN on a screen that is unfamiliar to you;
• Carefully read the instructions on the ATM screen before entering your PIN;
• If the ATM screen appears unusual, do not enter your PIN and rather cancel the transaction instead;
• Check your statements regularly and report any suspicious transactions immediately.

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Never download unknown apps

Your personal device may have built-in security features like biometrics and a passcode. Always ensure that your phone is locked after making contactless payments to ensure you can transact again in future with peace of mind.

Be careful of the apps you download. Unsecured or unfamiliar apps can expose you to fraud risk. These apps often look a lot like legitimate well-known e-commerce and retail platforms, tricking you into entering your payment details or making purchases that never arrive.

The same can be said about websites. Therefore, to avoid falling victim to these scams, always verify the legitimacy of any website by searching for it on Google and carefully checking the URL for spelling errors or unusual formatting. Only proceed once you are confident that the site is genuine.

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Spot the signs of phishing, smishing, vishing and quishing

It is especially important for seniors to avoid clicking on links in messages or emails that seem suspicious or come from people you do not know. These are often traps that fraudsters use to lure you into phishing, smishing, vishing and quishing scams.

These are not just silly words that mask a scam. This is what they mean:

• Phishing: A scam where you receive fake emails or messages pretending to be from a trusted source, such as your bank, asking you to click on a link or share personal information.
• Smishing: This is where scammers use text messages pretending to be from reputable institutions to trick people into disclosing similar information.
• Vishing: A phone scam where someone pretends to be from your bank or another trusted organisation to pressure you for sensitive information such as card numbers, one-time PINs (OTPs), usernames, or passwords.
• Quishing: This is a new scam that uses fake QR codes to direct you to fake websites designed to steal your information and money.

Nqala says it is important to remember that no legitimate bank representative will ever ask you to share sensitive information like your PIN, passwords or OTPs to verify your identity. If someone asks you for this information, it is a red flag.

“Sharing these details, even if the request seems urgent or convincing, can lead to unauthorised access to your accounts and serious financial loss. Remember, the bank will never ask you to validate your KYC information by following a link or sending these details via SMS.”