The festive season, a time of joy and generosity, is also one of the riskiest periods for consumers, as fraudsters ramp up their efforts to exploit the holiday rush.
This is the warning from Standard Bank’s head of fraud complaints management and awareness, Riyadh Mahomed, who says South Africans must stay alert because criminals take advantage of increased spending, distraction and year-end pressure.
Mahomed explains that fraudsters rely on chaos, urgency and panic to manipulate customers into making quick, irrational decisions.
“Criminals know we’re spending more, often distracted and feeling rushed. They use that panic and pressure to trick customers into sharing sensitive information or making payments without thinking twice,” he says.
Standard Bank has seen a sharp rise in several types of fraud over December. Mahomed outlines the most frequent tactics being used to target unsuspecting consumers:
• ATM scams: Fraudsters linger around busy ATMs, shoulder-surfing to steal PINs or watching closely as customers draw extra holiday cash. In some cases, criminals distract victims to clone cards or switch them with fake ones;
• Card-not-present fraud: Online shopping increases during the festive season, and so does digital card theft. Criminals use stolen card numbers, CVV codes and expiry dates to make fraudulent online purchases, often without the cardholder noticing until much later.
• Change-of-banking-details scams: Businesses and individuals are frequently hit by this sophisticated scam, where fraudsters intercept legitimate invoices and alter the banking details. Payments meant for genuine suppliers are then diverted into accounts controlled by criminals;
• Vishing calls: One of the fastest-growing threats is voice phishing, or vishing. Scammers impersonate bank officials and use high-pressure tactics to convince customers to hand over personal card details, CVVs or one-time passwords (OTPs). Mahomed stresses that banks will never ask customers for these details over the phone.
How to protect yourselfIn a video message shared by Standard Bank, Mahomed encourages South Africans to stay mindful of their surroundings and pause before responding to any suspicious communication.
“Always take a moment to think. If someone is pushing you to act quickly, that’s your first red flag,” he says.
He urges customers to:• shield their PIN at all times;• never share OTPs, CVVs or card numbers;• verify banking details with suppliers before making payments;• avoid accepting help from strangers at ATMs.• immediately hang up if someone claiming to be from the bank asks for confidential information.
As holiday excitement builds, Mahomed urges people to remain vigilant:
“Fraudsters don’t take a break during the festive season. The more aware we are, the harder it becomes for them to succeed.”
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