Personal Finance Financial Planning

10 essential tips to protect your online payments this Black Friday

Rachel Cowan|Published

As South Africa prepares for record-breaking e-commerce volumes this Black Friday, payment provider Ozow offers critical cybersecurity advice for consumers. With online transaction values having surged 37% last year, learn how to protect your financial information with these ten expert-verified safety tips.

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Last year, the Black Friday weekend saw e-commerce transaction values surge by a substantial 37% year-on-year. This growth underscores the need for continuous investment in secure, robust digital infrastructure to support the immediate demands of the retail sector, and for continuous education of consumers on secure online behaviour.

Digital commerce is now the dominant force in the retail calendar, and its sheer volume during Black Friday means we must ensure that trust scales as quickly as access and adoption.

Industry data confirms the rapid adoption of instant payments, with the country's PayShap ecosystem having processed over R403bn across more than 461 million transactions since its introduction.

Here are ten essential and practical tips for customers to protect their activity during this high-stakes retail period:

  • Verify site security (Padlock and URL): Always ensure the website address begins with https:// and look for the padlock icon in the address bar. Scrutinise the URL for any subtle misspellings – fraudsters often create near-perfect "spoofed" sites.

 

  • Beware of phishing links (type directly): Avoid clicking on links embedded in unexpected emails, SMS messages (smishing), or social media posts. Instead, manually type the retailer's official website address directly into your browser.

 

  • Be sceptical of extreme bargains: If a deal seems too good to be true, it likely is. Cross-check the advertised price against the official retailer’s site or reputable price comparison tools to confirm its legitimacy.
  • Choose trusted payment gateways: When checking out, select established, verified payment providers. These systems use advanced security protocols, such as Account Verification Services and Address Verification Services, ensuring your sensitive details are never stored on the merchant’s site.

 

  • Strengthen your digital defences (Passwords & MFA): Use unique, complex passwords for every retail account. Where possible, enable Multi-Factor Authentication (MFA) on your bank and high-value shopping accounts.

 

  • Guard your one-time passwords (OTPs): Never, under any circumstances, share your PINs, CVVs, or One-Time Passwords OTPs with anyone. Legitimate banks and payment providers will never ask for these details via email, phone call, or message.
  • Avoid public Wi-Fi for transactions: Do not enter sensitive payment or personal information while connected to unsecured public Wi-Fi networks (such as those in malls or coffee shops), as these are easily compromised by hackers.
  • Set transaction alerts and monitor statements: Enable instant banking notifications for all purchases. Review your bank statements regularly and immediately report any suspicious or unfamiliar activity to your bank.

 

  • Scrutinise social media deals and sellers: Be highly cautious of limited-time offers, contests, and ads promoted by unverified or new sellers on social media. Check the seller’s credibility and history before engaging.
  • Keep all software and devices updated: Ensure your device operating systems, browsers, and anti-virus or security software are fully updated. These updates often contain critical patches that protect against the latest known cyber vulnerabilities.

* Cowan is the interim CEO at Ozow. 

PERSONAL FINANCE