{"id":819089,"date":"2025-04-03T16:00:00","date_gmt":"2025-04-03T14:00:00","guid":{"rendered":"https:\/\/businesstech.co.za\/news\/?p=819089"},"modified":"2025-04-03T17:34:31","modified_gmt":"2025-04-03T15:34:31","slug":"standard-bank-fraud-alert","status":"publish","type":"post","link":"https:\/\/businesstech.co.za\/news\/banking\/819089\/standard-bank-fraud-alert\/","title":{"rendered":"Standard Bank fraud alert for South Africa"},"content":{"rendered":"\n

Standard Bank has warned customers about the rising threat of Card-Not-Present (CNP) fraud in South Africa. <\/p>\n\n\n\n

South Africa’s largest bank by assets under management said that delivery apps, e-hailing, video on demand, and online shopping have become staples of the current digital age.<\/p>\n\n\n\n

Consumers also rely on online platforms with targeted online ads when shopping. However, this increase in convenience has also led to the rising threat of CNP fraud. <\/p>\n\n\n\n

\u201cAs digital transactions grow, banks are detecting more opportunistic attempts by cybercriminals to exploit online platforms,\u201d said Athaly Khan, Head of Fraud Risk Management at Standard Bank.<\/p>\n\n\n\n

CNP fraud occurs when stolen card details are used for online purchases and subscriptions with no physical card required. <\/p>\n\n\n\n

Fraudsters will exploit vulnerabilities in e-commerce systems to steal card numbers, expiry dates, and card verification values (CVVs).<\/p>\n\n\n\n

Fraud is increasingly common on platforms with malicious pop-up ads. Food delivery, e-hailing services, and social media platforms are primary targets, as they store sensitive data for ease of use.<\/p>\n\n\n\n

Some victims unknowingly enter details on fake or cloned websites, giving over their information to fraudsters.<\/p>\n\n\n\n

\u201cMany of the false ads, in particular promoting scams, Ponzi schemes, and fake investments, are funded using stolen card details,\u201d said Khan. <\/p>\n\n\n\n

Digital and social media platforms that allow users to pay for Ad campaigns virtually are especially vulnerable and enable fraudsters to use stolen card details.<\/p>\n\n\n\n

Fraudsters have also realised that the Google search engine uses algorithms to provide consumers with the most relevant results. <\/p>\n\n\n\n

They are thus exploiting algorithms to target consumers with misleading ads based on their search history. <\/p>\n\n\n\n

\u201cAfter certain searches, you may receive unsolicited offers, urging you to click on malicious links or request a callback,\u201d Khan warned.<\/p>\n\n\n\n

How to protect yourself<\/strong> <\/h2>\n\n\n
\n
\"\"<\/a><\/figure><\/div>\n\n\n

Standard Bank said that customers can protect themselves by following the tips below: <\/p>\n\n\n\n