Most of us have checked by now which discounts the shops are offering on items we want to buy for Christmas. All the savings tips and budgets that carried us through the year are now out of the window as we all scream “shop ‘till you drop” without thinking about the regrets and debt that will follow.
As South Africans gear up for Black Friday on 28 November 2025, 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, Nerosha Maseti, credit and banking division lead ombud at the NFO.
ALSO READ: Senior citizens warned to be extra careful to protect their money this holiday season
Digital fraud spikes over Black Friday
She also warned consumers against digital fraud that tends to spike during the year-end holiday season. “Black Friday, known for massive sales and long queues, 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 does not cost your peace of mind,” Maseti says.
She also warns consumers about the dangers of impulsive spending. “Many South Africans use credit to fund their Black Friday shopping, but impulsive spending can lead to unmanageable debt.”
Maseti points out that the risks of impulsive buying and spending include high-interest credit card balances or short-term loans, depletion of savings intended for essential goals like home ownership, education, or emergencies and financial strain after the holiday season, when unexpected credit card or loan repayments become due, leaving consumers with limited funds for essential living expenses.
She advises 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.
ALSO READ: New scams but the same psychology applies
Credit card fraud and scams on Black Friday
Consumers must keep an eye out for credit card fraud and scams, Maseti says. “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 call cardholders, 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.”
Maseti says 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.
ALSO READ: ’Tis the season to be scammed
Cheap airline tickets
The NFO also warns consumers about discounted airline tickets. “Fraudsters always try to target bank customers in new ways. A recent case the NFO investigated revealed a new trend, with the consumer losing R120 000 after responding to a social media advert offering discounted airline tickets.
“After submitting her phone number and email via a link, she was contacted through WhatsApp and instructed to download an app from the Google Play Store to access promo codes. Although the link appeared secure, the app was fraudulent and embedded with malware.
“Soon after installation, the consumer’s phone began overheating and behaving erratically. The unexpected activation of the camera’s green light raised immediate concern with the consumer. Upon checking her banking app, she discovered two unauthorised transactions and swiftly reported the incident to her bank and the police.”
Maseti says despite her prompt action within just 27 minutes after the transactions, the bank denied liability, saying the payments were authorised via selfie-authentication on her trusted device. The consumer escalated the matter to the NFO, seeking a full refund.
ALSO READ: Beware of these social media scams
NFO found funds were used before fraud was reported
After investigating the matter, the NFO found that the funds were used before the fraud was reported, leaving no opportunity for recovery. Also, the bank provided evidence that biometric authentication was used to approve the transactions.
“Based on the specific facts of the complaint, it was evident that the compromise originated from the consumer’s interaction with a fraudulent third-party app, which contained malware capable of remote access and biometric simulation.
“No proof was provided that the transactions took place as a result of maladministration or safety and security failures on the part of the bank. By downloading the fraudulent app, the consumer essentially handed over her phone, including all the information stored on her phone, to the criminals and this resulted in the fraud. The NFO accordingly could not conclude that the bank was liable for the consumer’s loss.”
ALSO READ: How to avoid financial scams by making more informed decisions
Anti-fraud tips as you shop on Black Friday
To protect yourself against mobile app scams, Maseti shares these 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.
Maseti says consumers must also be very sceptical of social media promotions and keep these tips in mind to protect themselves:.
- Verify legitimacy: Check official airline websites or verified social media accounts before engaging.
- Avoid sharing your personal info: Never post your phone number or sensitive details publicly.
She says it is also important to think twice before downloading apps and keep these tips in mind:
- Use trusted sources. Only download apps from verified developers with strong reviews and a high download count.
To ensure that nobody has their long fingers in your bank or card account, monitor your bank accounts closely by:
- Checking transactions daily, especially after suspicious activity.
- Reporting fraud immediately to your bank and filing a police affidavit if needed.
ALSO READ: Warning: impersonation investment scams are increasing
Getting help from the NFO
The NFO helps consumers with credit and fraud-related disputes involving banks and credit providers, such as fraudulent transactions and unauthorised debit orders, incorrect credit listings and reckless lending or contractual disputes.
Consumers can contact the NFO on 0860 800 900 or email: info@nfosa.co.za.
About the Author
