In South Africa, Black Friday and Cyber Monday have become much-anticipated days on the annual shopping calendar. Stores nationwide slash prices, offering significant discounts that attract tens of 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 of Trading Products at Nedbank, cautions that online shopping can also leave you vulnerable to theft. “While the convenience of online shopping is undeniable, it can lull us into a false sense of security,” he says, “but we should be doubly vigilant when shopping online to ensure the season of giving doesn’t become a season of loss due to cyber scams.”
He offers a number of useful tips to help online shoppers stay safe as they use their credit cards to take advantage of the many great online deals and discounts over the 2023 ‘sales season’:
Do some digital housekeeping before you go shopping “Your first line of defence is a secure connection,” says Naidoo, “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 that the passwords for any of your online accounts, especially digital banking sites, are also strong. Mix letters up, 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,” notes Naidoo. He advised online shoppers to activate any transaction alerts on their credit card offered by their bank. This way you are notified when a transaction occurs and, in many cases, must confirm the transaction before the money is taken from your card account. “This level of monitoring can often be the difference between being a victim of fraud and stopping it in its tracks,” he says.
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 warns that not all deals are created equal, and not all retailers are reputable. He suggests sticking with well-known websites and doing due diligence on any new ones you might 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 explains, so before you share your precious credit card details, check the site for any of the tell-tale signs that it may be fake, like 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, like if someone gets your card information. “Use the American Express® 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 us 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 your 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,” he says, “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 them 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 that keeps your main card information safe. If this number gets 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” can’t be used again in the future or debited without your consent. “A virtual card is easy to use and helps prevent fraud without making shopping online more complicated,” Naidoo explains, “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 says, “the sooner a fraudulent transaction is identified, the better the chances of a positive resolution.”
Embedding these practices into your online shopping, especially during high-traffic sale events like Black Friday and Cyber Monday, can really improve the security of your credit card transactions. “Stay alert, stay secure, and remember, the best deal is one that doesn’t compromise your safety or financial security,” Naidoo concludes, “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.”
