Category Fraud/Crime

FNB warns consumers about new fraud modus operandi involving online merchant fraudsters

24 August 2021 FNB

As Covid-19 continues to drive e-commerce activity, FNB is urging customers to use trusted and secure merchants to avoid being defrauded by merchant fraudsters when shopping online.

Chris Labuschagne, CEO of FNB Card says in recent months, they have seen a rise in a new fraud modus operandi targeting unsuspecting online shoppers. The latest modus operandi involves methods such as ‘enumeration’ and ‘account testing’, where online merchant fraudsters use automated scripts or software to attempt transactions or payments. Fortunately, our fraud detection measures have been effective in preventing many of these attempts and we immediately block merchants for this activity. However, consumers need to maintain high-levels of awareness as fraudsters regularly evolve their methods, he says.

Trish Ramdhani, Head of Fraud at FNB Card says, “To help minimise the risk of fraud, we recommend that consumers use trusted websites for online shopping. Consumers can identify the security of a website through ‘https’ or the padlock icon on the Uniform Resource Locator (URL). We also encourage our customers to use their Virtual Card for online shopping to minimise the risk of fraud. Our Virtual Card has a dynamic Card Verification Value (CVV) security number that changes every hour. Furthermore, our customers can temporarily block, cancel or replace their FNB or RMB Private Bank cards via the FNB or RMB Private Bank Apps if they suspect fraudulent activity,” adds Ramdhani.

FNB shares 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.
• Never disclose personal information such as passwords and PINs to anyone.
• The bank will never ask you to process a transaction in order to reverse fraud.
• The bank will never ask you for your OTP or confidential information such as your banking password.
• Check your bank statement regularly and thoroughly for any unauthorised transactions/withdrawals.
• Use up to date software to perform regular anti-virus and malware scans on your personal 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.

“Through our trusted digital platform, we continue to educate our customers against the latest fraud scams and use these fraud prevention methods. We advise consumers to 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,” concludes Ramdhani.

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