Financial Crime World

Alarming Rise in Fraudulent Transactions through Electronic Payment Systems in Angola

Increasing Trend of Financial Crimes

A disturbing trend has emerged in Angola, with reports of fraudulent transactions through electronic payment systems continuing to soar. According to a recent report by Empresa Interbancária de Serviços S.A (EMIS), there has been a record number of complaints filed in the last nine months, with an average of ten cases per month.

Staggering Increase in Financial Transactions

  • 453 cases reported in 2023 alone
  • Compared to just 8 cases in 2022
  • Card cloning crimes accounted for 77 incidents
  • Robberies and thefts reached 1615 cases
  • Card exchange and express fraud accounted for 6 and 95 cases respectively

Growing Concern of Cyber Attacks

Cyber attacks on public and private institutions have also become a growing concern, with 50 recorded incidents in the same period. According to computer crime investigator Francisco Pedro from the Criminal Investigation Service (SIC), there were 1209 reports of cyber crimes from January to November 2023.

Urgent Need for Action

Experts are sounding the alarm, urging sector authorities to take immediate action to combat this growing threat. “We need to establish basic guidelines and expand the cybersecurity culture in the country,” said Hecdiântro Mena, national director of cybersecurity policies.

Measures Taken by EMIS and Banks

To mitigate these malicious actions, EMIS and banks have implemented several measures, including:

  • Card Protector (blocking and unblocking cards)
  • Daily card movement limits
  • Transition from magnetic stripe cards to EMV cards
  • Mandatory registration of mobile phone numbers in bank databases to prevent unwanted additions

Experts Warn of Ongoing Threat

Despite these efforts, experts warn that the situation remains dire, with offenders resorting to various modus operandi, such as phishing links and Sim SwAp (fraudulent second copy requests). The urgent approval of the National Cybersecurity Strategy is seen as a crucial step in addressing this growing concern.