As the festive shopping season begins, customers are warned to remain vigilant against the rising threat of tap-and-go fraud.
A report by the Banking Ombud has revealed that lost or stolen tap-and-go bank cards are at risk during the festive season.
IOL reached out three major South African banks to see if they have received complaints and to offer advice to customers.According to projections from Juniper Research, global contactless purchases are expected to grow to more than $10 trillion by 2027 and the growth will mainly be driven by payment-enabled mobile devices, like smartphones and smartwatches.
Standard Bank has received complaints about lost and stolen cards being used after the fact which is largely due to customers not immediately reporting the lost/stolen card allowing fraudsters more time to transact. “Having stood just behind you and having seen your pin criminals will use the to tap to make purchases. This is the common trend that the industry is noticing amongst stolen cards,” van Rensburg said.Van Rensburg said that when Covid-19 happened customers wanted contactless payments so they don’t have to put in a pin.
People are urged to be more vigilant with Capitec recommending that clients use the Tap-to-Pay feature wisely.
Fraud Nerosha Maseti Capitec Iol Standard Bank Banking Ombud Anna Collard Lead Ombudsman Banking Division South African Absa Everyday Banking Ulrich Janse Van Rensburg Covid Juniper Research Knowbe4 Africa Rensburg Nfc Whatsapp Iol Business
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