Protect yourself from online fraud this Easter

As we continue to see a surge in e-commerce activity in the lead up to Easter, FNB is urging customers to use trusted and secure merchants to avoid falling victim to fraudulent payment merchants when shopping online.

In recent months, we have seen a rise in a new fraud modus operandi targeting unsuspecting online shoppers. Some of the most common techniques include methods such as the creation of fake websites, using almost identical Web addresses or URLs. These websites aim to convince customers to pay with their card details so that the fraudsters can attempt ‘enumeration’ or ‘account testing’. This is where fraudsters (posing as legitimate online merchants or online stores) use software to attempt transactions or payments to the accounts of unsuspecting customers. Fortunately, FNB’s fraud detection measures have been effective in preventing many of these attempts, and we immediately block suspicious merchants for this activity.

However, consumers need to maintain high levels of awareness as fraudsters regularly evolve their methods. To help minimise the risk of fraud, we recommend that consumers use trusted websites and apps for online shopping. Consumers can identify the security of a website through ‘https’ or the padlock icon on the URL, by double-checking the spelling of the website, or accessing it directly from a well-known search engine such as Google.

FNB also encourages our customers to make use of their virtual cards, available on banking apps, for online shopping to minimise the risk of card fraud using our Dynamic CVV to limit the amount of time a Fraudster is able to use the compromised details.

Here are additional safety tips that consumers should practice to protect themselves and their card details against fraudsters:

• Do not click on links in emails or 3rd party websites when shopping online; rather, type in the website address yourself
• Do not fall victim to SMSs or emails requiring additional payments for courier or mail services that don’t originate on the courier's own platform or from their verified phone numbers
• Never disclose personal information such as passwords and PINs to anyone, and do not store passwords for your banking apps on your phone
• If your device with your banking app is ever lost or stolen, report it to the bank immediately
• The bank will never ask you to process a transaction to reverse fraud
• The bank will never request your card details over the phone or via email
• The bank will never ask you for your OTP or confidential information, such as your banking password
• Use two-factor authentication for transactions online, wherever possible, since it adds an extra layer of security by requiring a second verification step, which is often transmitted to your mobile device or an authenticator app, such as the FNB Apps for FNB customers
• Check your bank statement or In-App notifications regularly and thoroughly for any unauthorised transactions/withdrawals
• Use up-to-date software to perform regular anti-virus and malware scans on your devices.
• Never send e-mails that contain your account number, card number, and expiry date
• Use a secure connection and avoid public Wi-Fi
• Only enter card details when finalising the purchase

We advise consumers to regularly familiarise themselves with the new ways that criminals are using to defraud unsuspecting victims. More importantly, we urge consumers to always protect their personal information and to use any of our banking interfaces to immediately report any suspicious transactions on their bank accounts.

* Boxall is the head of card transact, industry, and Fraud Detection at FNB.

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