Protect your business from Black Friday scams
How to stay safe from scams this Black Friday
As Black Friday and the festive season approach, so does an increase in online shopping and card transactions. Unfortunately, it’s also the time when scammers become more active, targeting both individuals and businesses. Standard Bank is committed to helping you protect your business from fraud, especially during these high-traffic periods.
To ensure that your business remains safe, we’ve put together some crucial information about common scams and how you can avoid becoming a victim.
Common scams to watch out for
Scammers are always on the lookout for opportunities to take advantage of busy shopping times. Here are some of the most common scams you should be aware of:
Card fraud
- Fraudsters may try to obtain your business’s card details by phishing emails, fake phone calls or posing as legitimate customers. Once they have access to your information, they can use it to make unauthorised transactions. It's essential to never share your business’s card details with anyone unless you are certain of their legitimacy.
One-time password (OTP) scams
- With OTP scams, criminals trick you into providing an OTP by pretending to be from a trusted source, such as your bank or a service provider. Once they have the OTP, they can access your account or authorise fraudulent transactions. Always remember that Standard Bank will never ask for your OTP over the phone or via email.
Online shopping scams
- During Black Friday, online fraudsters take advantage of the high volume of digital transactions. They may set up fake websites or payment platforms that appear legitimate to steal your business’s financial details. Before making any online payments, double-check the website’s URL and ensure it’s secure by looking for ‘https’ in the address bar to avoid online shopping fraud.
Phishing scams
- Phishing is when fraudsters send emails that appear to be from trusted sources, such as the bank, asking you to click on a link and provide personal information. This email, usually with a sense of urgency may request you to update or confirm your details by clicking a link, icon, or opening an attachment. Doing so can deploy malware (malicious software) on your device and compromise your personal or digital banking credentials.
Vishing scams
- Fraudsters call you directly, pretending to be from the bank, and try to convince you to share sensitive information or click on links sent via SMS. Always remember that Standard Bank will never ask for your digital banking credentials over the phone or send you a link via SMS or email asking for your personal details.
How to protect your business
Scammers are becoming increasingly sophisticated, but there are steps you can take to safeguard your business:
- Stay vigilant: be cautious when receiving unsolicited emails, messages or calls. Never click on links in unsolicited SMSs or emails. Scammers may already have some of your personal details, making their attempts seem more credible.
- Verify legitimacy: always double-check the source of any communication that requests personal or business information. If you’re unsure, contact the company or bank directly using a verified number or email.
- Never share sensitive details: never provide your business’s card information, PINs or OTPs to anyone, even if they claim to be from Standard Bank.
Report suspicious activity
If you notice anything unusual or suspect that you’ve been targeted by a scam, report it to Standard Bank immediately. Quick action can prevent further damage and protect your business’s finances. You can reach out to our fraud hotline on 0800 222 050 or use our Banking App to block transactions.
Stay safe this season
Black Friday can be an exciting time for business growth, but it’s also a time when scammers are more active. By staying alert, verifying legitimacy and never sharing sensitive details, you can ensure that your business remains protected against Black Friday scams.
For more tips on how to safeguard your business, visit our Security Centre and learn how to take proactive steps against fraud.