YOUR MONEY: BLACK FRIDAY FRAUD WARNING

Fraudsters threaten to turn festive season cheer into frustration

- MANIE VAN SCHALKWYK

WITH THE festive season fast approaching, South Africa has been slowly aligning itself with the rest of the world in heralding the start of the festive season shopping spree with its Black Friday event. The origins of Black Friday in South Africa can be traced back as far as 2012 and 2014, but it has really gained momentum since 2018. Since then, it has grown significantly, with an estimated R5 billion spent in 2021.

However, while Black Friday has now become the common way to mark the beginning of the commercial side of the festive season, it is important that South Africans remember that fraudsters are very active at this time of the year. Although there are plenty of special offers in the market, there are a lot of fraudsters who will want to take advantage of our desire to find the perfect deal.

Particular attention needs to be given to online payments, as these can become low-hanging fruit' for fraudsters. PayFast reported in the media last year that online transactions over Black Friday increased by 34%, and that the average basket price was R1 208/ transaction. This looks likely to increase this year, as many consumers will want to avoid the in-store rush.

Empty promises

A growing trend that South Africans need to be wary of is the practice whereby a company offers products and services at a discount, accepting payment, but not delivering the actual product or service.

The Southern African Fraud Prevention Service (SAFPS) recently received notification from the Consumer Goods and Services Ombudsman (CGSO) that they have been receiving several complaints against a number of suppliers who accept payments from consumers with no intention to deliver the goods or services.