Over 50% of South African shoppers have had their payment credentials compromised

Online shopping has become one of the most popular activities on the Internet, but it also places shoppers at risk of having their financial information compromised.

According to a survey conducted by Kaspersky Lab, 53% of South Africans have had their banking credentials fall into the wrong hands, despite 97% of them being aware of financial cyber threats.

Out of the 53% of South Africans whose financial credentials were compromised, the survey revealed that 41% of them had never got their money back.

Controlling the exposure of payment credentials across multiple platforms and payment methods is a contributing factor towards the prevalence of cybercrime, with over a third of South Africans stating that they had forgotten the websites and apps with which they shared their financial details.

When it comes to digital payment methods, the most popular remain credit and debit cards, direct transfers, and e-wallet platforms such as PayPal.

Other payment methods are becoming more popular however, with 25% of people regularly using contactless device payments.

“The end of the year and the holiday season is a wonderful time when people are buying presents for their families and friends. But no one wants to have this time spoiled by losing money through unsafe transactions or online fraud,” said Kaspersky Lab head of consumer product marketing Marina Titova.

“We should all be very attentive to our financial data and online payments, taking care to avoid putting our bank card credentials on untrusted web sites or making payments from unsecured devices.”

Kaspersky Lab recommends using a cybersecurity solution such as a password manager or security cloud software that can protect online transactions and keep shopping accounts safe.

Now read: 4 ways to spot a phishing scam

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Over 50% of South African shoppers have had their payment credentials compromised