In today’s increasingly interconnected world, scams have become an all too common sight. They can affect people of all backgrounds, ages, and income levels. These deceitful tricks are designed to exploit the unsuspecting and take their hard-earned money unlawfully. Scammers are relentless, adapting their methods to the digital age and exploiting opportunities that arise. As we gear up for Black Friday, it is essential to understand what scams are and why you should be careful.

What Are Scams And Why Should You Be Concerned?

Scams are dishonest tricks people use to take money from consumers illegally. These deceitful schemes affect people of all backgrounds, ages, and income levels worldwide, including South Africa. According to the Southern African Fraud Prevention Services, there has been a 600% increase in reported fraud incidents by its members between 2018 and 2022.

As a consumer, it’s essential to learn about scams and how to recognize potential warning signs. In our digital world, where we shop online and use various services, we often come across opportunities to save money. Unfortunately, scammers often pose as legitimate businesses linked to your favourite online stores, retailers, and service providers. Staying alert and distinguishing between real and fake entities is crucial to ensuring your safety and security.

Why Do Scammers Target Consumers On Black Friday?

As the highly anticipated Black Friday shopping event draws near, consumers are getting ready to seize the discounts and special deals offered by both retailers and online stores. Many shoppers use this occasion to buy gifts for the festive season or snag items they’ve had their eye on for some time.

Consumers typically invest a significant amount of time in finding the best deals. This makes them vulnerable to scammers and fraudsters who take advantage of this opportunity. These deceptive individuals may reach out to shoppers and entice them with irresistible offers and specials that are difficult to resist.

What To Do To Protect Yourself 

Scammers and fraudsters are relentless in their attempts to get your personal information, including passwords, email addresses, and banking details. It is vital not to engage with them or provide any information. Here are some steps you can take to safeguard yourself:

1. Protect your personal information: Use strong passwords to shield your accounts from unauthorised access. Avoid using easily guessable information like your birthdate or common words. Opt for unique and complex combinations of characters.

2. Watch out for deals that seem too good to be true: Stores and online retailers will have big discounts on Black Friday. But if you find a website you don’t know that’s offering 80% off, it’s probably too good to be true. 

3. Do research to see if the website or online store is legitimate: If you find a website you don’t know that’s offering big discounts, take a moment to research it. Look for reviews and check its history to make sure it’s a safe place to shop online. It’s an important step to ensure your online purchases are secure.

4. Monitor your bank statements: While it may seem tedious, regularly reviewing your bank statements is crucial. Sometimes, transactions from unknown or unauthorised sources can occur, and quick detection can prevent further damage.

5. Do not accept unfamiliar transactions: In some instances, consumers unknowingly accept and authorise unknown transactions. Always double-check any transaction before approving it to ensure it’s legitimate and from a trusted source.

6. Check your credit report: Regularly checking your credit report is essential. Scammers may use your identification number to open credit accounts with retailers. If they fail to make payments, it can negatively impact your credit score. If you encounter an account that you did not open, promptly inform the relevant credit bureaus to address the issue. Swift action can prevent lasting damage to your credit.

7. Avoid clicking on unfamiliar links: When you open links from unknown sources, you risk falling prey to scammers and fraudsters who pretend to be legitimate retailers, asking you to provide your login information. This action can send your details into the hands of the fraudsters, granting them access to your accounts and posing a significant threat to your safety and security.

Here’s What To Do If You Have Been Scammed

If you’ve fallen victim to a scam, it’s crucial to take immediate action by reporting it to the relevant service providers and your bank. Major banks in South Africa have specialised departments devoted to fraud prevention and assisting consumers with fraud cases. If you’ve lost money to a scam, your first step should be to get in touch with your bank to prevent any additional unauthorised transactions.

Consequently, it’s essential to change the passwords for all your accounts that are linked to the specific cards or banking information that may have been compromised. This proactive measure can help safeguard your financial security.

Furthermore, it’s crucial to reach out to your bank to cancel your debit or credit card, preventing any unauthorised transactions. Your bank will then provide you with new cards. Additionally, inform the bank to halt any additional unauthorised transactions.

Additionally, it’s advisable to reach out to the South African Fraud Prevention Service and report the incident to them. Their expertise can contribute to the prevention of similar scams and provide valuable support in handling the aftermath of the fraud.

Don’t Get Caught Up In The Hype

When you shop on Black Friday, it’s wise to monitor prices beforehand and assess whether you’re genuinely saving money. Focus on buying items that you genuinely need rather than splurging on unnecessary purchases. As the festive season is just around the corner, it’s also a good time to explore strategies for saving extra money to help you navigate through December and January without financial strain and credit reliance.