RCS warns consumers of rising fraud ahead of Black Friday

As Black Friday approaches and online shopping surges, RCS is alerting consumers to heightened risks of fraud. Leon Jacobs, Chief Information Officer at RCS, stresses the importance of protecting personal and financial information during this busy shopping period.

He notes that while online platforms provide convenience, they also increase exposure to sophisticated fraud schemes. Jacobs explains that credit fraud – the unauthorized use of personal or financial data to access funds or make purchases – can have long-term impacts on victims’ credit scores and financial stability. Understanding and preventing these risks is essential for maintaining security in today’s digital landscape.

TYPES OF CREDIT FRAUD TO WATCH OUT FOR

RCS outlines key types of credit fraud targeting consumers:

Phishing Scams: Fraudsters use fake emails or calls to steal sensitive information, often posing as banks, family members, or charitable organizations.
Counterfeit Cards: Criminals can create fake credit cards by copying intercepted card information, leading to unauthorized transactions.
Identity Theft: Stolen credentials, such as passwords or account details, can be used to set up fraudulent accounts or make unauthorized transactions. Jacobs advises consumers to carefully review account statements, be cautious with emails and phone calls requesting personal information, and monitor for any unusual activity. He recommends only transacting on secure websites, verified by “https” in the URL, and reminds users to safeguard personal information like PINs, OTPs, and CVVs.

STEPS TO TAKE IF YOU SUSPECT CREDIT FRAUD

If consumers detect unauthorized activity, RCS advises immediately contacting their card issuer to freeze the card and prevent further misuse. Reporting suspicious activity to local authorities, such as the Southern African Fraud Prevention Service, can also help combat fraud and aid in investigations.

“As International Fraud Awareness Week approaches, it’s a timely reminder for South Africans to proactively protect their finances. Simple preventive measures can safeguard consumers’ money and help build trust in digital transactions, enabling safe shopping this Black Friday season,” said Jacobs.