By: Discovery Bank
Many South Africans have been filling up online wish lists with big-ticket items, patiently waiting for Black Friday deals. Whether it’s a smartphone, home appliance, or holiday gifts for loved ones, a bit of preparation can help you get the best deals without overspending or falling victim to scams. Here’s how, according to Discovery Bank:
STEP 1 | Set a budget and stick to it
One of the most effective ways to stay in control on Black Friday is to set a realistic spending limit. Before clearing your shopping cart, decide how much you’re willing to spend overall, and stick to it. Black Friday may be an opportunity to save on items you genuinely need but resist the urge to splurge when you see a flashing 50% off sale.
STEP 2 | Make a list and allocate a budget to each
If you’re looking to buy Christmas or upcoming birthday gifts, home essentials, or personal items, organise them according to “want” and “need”. Then, set an amount for each so you can stay focused on planned purchases and avoid unnecessary spending.
STEP 3 | Compare prices in advance
Before Black Friday, do research on the items you plan to buy. Check their regular prices to make sure the “sale” prices are genuinely discounted. Take screenshots as reminders. Retailers may raise prices in the days leading up to Black Friday to create the illusion of a larger discount. Staying informed can help you make smart choices. Price-comparison websites and apps can also help you spot the best deals and even alert you to price changes on your must-have items.
STEP 4 | Only use secure payment methods
Whenever possible, use secure payment methods such as credit cards or digital wallets, which provide added protection in case of fraud. Avoid making payments by direct bank transfers because these are harder to trace if something goes wrong.
STEP 5 | Beware of scams and fake deals
Unfortunately, the excitement of Black Friday attracts scammers looking to take advantage of unwary shoppers. Here are a few ways to stay safe:
● Shop on secure websites: Stick to websites you know and trust. Avoid clicking on links from unknown senders in emails or messages. Scammers often mimic popular retailers, so check the URL or link carefully and only use sites with secure payment options.
● If it’s too good to be true, it probably is: While big discounts are common on Black Friday, deals that look suspiciously cheap might be scams. Fraudsters often use phishing to lure buyers with unbelievable prices, only to steal their payment details or deliver counterfeit products.
● Use strong passwords and avoid saving payment info: Hackers kick into high gear during the Black Friday period to gain access to online accounts. Use strong, unique passwords, and avoid saving payment details on websites. For added security, use a virtual card or digital wallet instead of entering your bank details directly.
● Only pay through verified links: Beware of fake notifications from scammers posing as courier companies asking for a small fee to release a package. ● Stick to buying from trusted sellers on social media: Scammers sell fake items online, then vanish. Don’t get taken in by fly-by-night sellers with once-off deals.
Stay alert to potential scams
● Familiarise yourself with how your bank communicates with you. For example, Discovery Bank won’t ask for details by phone or email or ask you to click on a link to update your details or reverse transactions.
● Always carefully review in-app authentication notifications before approving them. ● Never share personal information, such as card numbers or OTPs, over the phone or on suspicious sites.
● Use transaction notifications to monitor your finances.
● Always confirm you’re on a legitimate site before entering any banking details
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