Klerksdorp Midweek, Klerksdorp - As everyone is gearing up for Black Friday this week, the National Financial Ombud (NFO) urges consumers to think twice before swiping their way into a financial hangover.
While seasonal discounts may offer short-term appeal, the long-term consequences of overspending on credit, including high-interest debt and depleted savings, can undermine essential financial goals and lead to post-holiday hardship. The NFO has also cautioned that digital fraud tends to spike during the year-end holiday season.
Nerosha Maseti, Credit and Banking Division Lead Ombud at the NFO, said Black Friday, known for massive sales and long lines, is a shopper’s adrenaline rush with jaw-dropping discounts, limited-time offers, and the thrill of snagging the perfect deal.
“But beneath the buzz lies a financial minefield. Swipe-happy spending can spiral into credit card chaos, and lurking digital scams are ready to pounce when vigilance slips. To truly win the day, smart shoppers arm themselves with a plan, stay sharp online, and keep their budgets on lockdown. After all, the best deal is one that doesn’t cost your peace of mind,” said Maseti.
Impulsive spending
Many South Africans use credit to fund Black Friday purchases, but impulsive spending can lead to unmanageable debt.
Maseti advised consumers to set a spending budget and stick to it; prioritise long-term financial goals over seasonal bargains; and keep credit balances low to maintain financial health.
Credit card fraud
The NFO also sounded the alarm on a surge in credit card scams. Fraudsters tend to zero in on Black Friday shoppers using non-bank and store-branded credit cards, especially those tied to big-name retailers.
“These criminals contact cardholders by phone, impersonating representatives from these companies, and deceive unsuspecting consumers into revealing their confidential One-Time Pins (OTPs) to make unauthorized purchases at large merchants, leaving victims responsible for fraudulent charges.
“While this scam has been known in traditional banking circles for many years, its rising prevalence in the non-bank credit card market is deeply concerning. The NFO is particularly worried that such fraud will escalate over Black Friday with high transaction volumes and increased consumer activity. It is crucial for cardholders to remember that no legitimate company will ever ask them to share confidential information such as card numbers, passwords, or OTPs. Providing an OTP to a fraudster can result in the consumer being held liable for fraudulent purchases, leading to significant financial loss without any benefit,” Maseti said.
Anti-fraud tips
To protect against mobile app scams, Maseti gave the following tips:
* Never share your OTP with anyone, even if they claim to be from your credit provider.
* End suspicious calls immediately and contact your credit provider directly using an official phone number and not the number provided by the scammers.
* Be sceptical of social media promotions.
* Verify legitimacy: Check official airline websites or verified social media accounts before engaging.
* Avoid sharing personal info: Never post your phone number or sensitive details publicly.
* Think twice before downloading apps.
* Use trusted sources - only download apps from verified developers with strong reviews and a high download count.
* Monitor your bank accounts closely.
* Check transactions daily, especially after suspicious activity.
* Report fraud immediately to your bank and file a police affidavit if needed.
Get help from the NFO
The NFO assists consumers with credit and fraud-related disputes involving banks and credit providers.
The issues include:
* Fraudulent transactions and unauthorised debit orders.
* Incorrect credit listings.
* Reckless lending or contractual disputes.
Consumers facing challenges are encouraged to contact the NFO on tel: 0860 800 900 or email:
