South Africans are being urged to stay alert for scams as Black Friday 2024 approaches. Cybercriminals are increasing their efforts to exploit online shoppers, targeting digital transactions and e-commerce with new tactics designed to deceive.
With Black Friday projected to add an impressive R88 billion to South Africa’s economy, consumers are expected to spend significantly through online platforms, making these a prime target for scams and fraudulent schemes.
Rising Scam Concerns
A recent study by the Bureau of Market Research and Capital Connect reveals that Black Friday 2024 could generate R22 billion in direct retail sales, along with an indirect economic boost of R28 billion. The wholesale sector is also forecasted to gain R32.1 billion, with an additional R6.2 billion in fuel sales.
This surge in spending highlights the importance of scam awareness, and Standard Bank has warned clients to stay vigilant against cybercrime throughout November.
Cybercriminals Seize Black Friday Opportunities
Standard Bank’s data shows that cybercriminals are actively targeting online shoppers, particularly in Gauteng (38%), KwaZulu-Natal (18%), and the Western Cape (15%). Digital wallets, which now account for 37% of online purchases, could approach 50% by 2024, reflecting a shift toward digital payment methods—one that scammers are exploiting.
“Scam awareness is essential as cybercriminals adapt to this shift,” says Dr. Belinda Rathogwa, Head of Digital and eCommerce at Standard Bank.
Tactics Used by Black Friday Scammers
Phishing remains one of the most prominent Black Friday scams. Fraudsters send emails that appear to be from legitimate companies, such as retailers or banks, leading recipients to fake websites that ask for sensitive information like login credentials or PINs.
Social media scams are also on the rise, where scammers create fake accounts and pages with fabricated reviews, making these Black Friday offers seem legitimate.
Goods Scams and Online Purchase Scams
Goods scams are another common tactic, where fraudsters promote heavily discounted items on social media, directing buyers to WhatsApp for payment.
Once the payment is made, the scammers vanish. “If a Black Friday deal seems too good to be true, it probably is,” warns Rathogwa, urging caution around deals that pressure consumers into quick payments.
Tips For Protecting Yourself from Black Friday Scams
- Verify Purchases: Only buy from trusted and verified sources. Carefully review all transaction details.
- Double-Check Payees: Use bank verification services to confirm account details before making transfers.
- Stay Private: Avoid using public computers or networks for online banking during Black Friday.
- Avoid Suspicious Links: Don’t click on promotional links in emails, especially those redirecting to banking profiles.
- Manage Devices: Remove unused devices from your online banking profile, and report lost devices immediately.
Staying Safe Online During Black Friday
Rathogwa advises South Africans to inspect web addresses closely for inconsistencies before making purchases, as scammers often create fake sites closely resembling those of legitimate retailers.
With record online consumer activity anticipated, staying vigilant and maintaining scam awareness are essential to avoid falling victim to scams this Black Friday.
Will You be Taking Advantage of The Black Friday Deals This Month?
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