Be wary of instant EFT payments during Black Friday says FNB

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We’re nearing this week’s big event in the form of Black Friday, despite several retailers already kicking off sales and deals a few days early. As such most people will be on the lookout for the best discounted products on offer.

Also aware of all the transactions taking place over the next couple of weeks is FNB, with the financial institution aiming to make its customers equally aware of a growing method to make online purchases – instant EFT payments.

If you’re unfamiliar with this payment method, it is an online payment method that links to your online banking profile on a third-party website. Here it allows you to select a funding account and confirm your payment details using a one-time pin (OTP).

While these types of payment methods are becoming more commonplace, FNB says users should not provide third-party websites with your online baking username and password.

If you do so, the financial institution says you run the risk of compromising your online banking credentials, as scammers try to access your sensitive information.

Punting its own services as an alternative, FNB advises customers to use their FNB credit or cheque card as a means of making online purchases, with it having the added benefit of earning eBucks.

“Please be careful of falling victim to any fraudulent scams during Black Friday. Always check your account balance. Remember, FNB will never ask you for your OTP to reverse any transaction,” the institution’s Digital Banking division notes.

Taking a cautious approach when purchasing online does not apply to FNB alone, and we advise all Hypertext readers to remain on the lookout for anything that looks suspicious while shopping during Black Friday.

With spending set to increase significantly in the coming days, so are the chances of being scammed.

Robin-Leigh Chetty

Robin-Leigh Chetty

When he's not reviewing the latest smartphones, Robin-Leigh is writing about everything tech-related from IoT and smart cities, to 5G and cloud computing. He's also a keen photographer and dabbles in console games.