FNB has urged customers to watch out for fraud when shopping online as e-commerce activity increases in the build-up to Easter.<\/p>\n\n\n\n
The Big Four bank requested that its customers use trusted and secure merchants when shopping online to avoid becoming victims of fraudulent payment merchants.<\/p>\n\n\n\n
Some of the most common techniques criminals use include creating fake websites, which use almost identical web addresses or URLs as those customers are used to.<\/p>\n\n\n\n
“These websites aim to convince customers to pay with their card details so that the fraudsters can attempt enumeration or account testing,” said Chris Boxall from Industry and Fraud Detection at FNB.<\/p>\n\n\n\n
“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.”<\/p>\n\n\n\n
Although FNB’s fraud detection measures have stopped many of these attempts, Boxall said that consumers need to maintain high levels of awareness as fraudsters evolve their methods.<\/p>\n\n\n\n
To limit the risk of fraud, FNB suggested that consumers use trusted websites and apps for online shopping.<\/p>\n\n\n\n
Consumers can also identify a website’s security via the ‘https’ or padlock icon on the URL, by checking the website’s spelling, or by accessing it from a popular search engine like Google.<\/p>\n\n\n\n
FNB also advised its customers to use their virtual cards to shop online. This minimises the risk of card fraud via FNB’s dynamic CVV, which limits the time criminals can use compromised details.<\/p>\n\n\n\n
The dynamic CVV security number changes every hour. If they suspect fraud, consumers can block, cancel, or replace their FNB or RMB Private Bank cards via their Private Bank Apps.<\/p>\n\n\n\n
With Easter only a few days away, South Africans must exercise extra caution as fraudsters seek unsuspecting victims.\u00a0<\/p>\n\n\n\n
FNB’s data also forecasts increased spending over the period, led by accommodation, flights, fuel, DIY and hardware, and clothing categories.<\/p>\n\n\n\n
The bank saw a 7.41% year-on-year (yoy)increase in spending during the height of the holiday period last year and expects this year\u2019s spending to increase by just over 8%, given the expected transactional activity. <\/p>\n\n\n\n
Online spending, which grew by 47.12% yoy in 2024, outpaced the 24.19% growth seen in-store.<\/p>\n\n\n\n
Payments with physical cards decreased by 10.88% year over year in 2024, while virtual card payments went up by 90.12% year-on-year just before Easter, hitting a peak of 134% growth at the peak of the Easter period.<\/p>\n\n\n\n
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