Namibia Warned of Sophisticated Money Transfer Fraud Schemes

A Growing Concern: Fraudulent Activities in Namibian Banks

The Bankers Association of Namibia (BAN) has uncovered a sophisticated money transfer fraud scheme targeting unsuspecting clients through deceitful tactics. In this article, we will explore the different methods used by fraudsters to trick victims and provide tips on how to protect yourself from these scams.

How the Scam Works

The scam typically begins with a bogus SMS message informing the client that they have received a complimentary E-ticket, complete with a number and instructions on how to redeem it. However, banks do not issue such tickets, and the purpose of the SMS is to prompt the client to call the sender’s number.

Once the client falls for the ruse, they are guided through their usual bank process, only to be persuaded into making an EasyWallet or eWallet transfer to the fraudsters’ accounts. Alternatively, some clients have received fake SMS messages claiming that they have been selected to receive interest money from their bank, with instructions to call a private number for more information.

The Fraudster’s Modus Operandi

Fraudsters pose as bank staff, calling clients at random and claiming that they need to perform updates on their cellphone banking app. In the process, they ask for sensitive information such as usernames and PINs, allowing them to access and transfer funds from the client’s account.

Warning Signs and Precautions

To avoid falling victim to these sophisticated money transfer fraud schemes, be aware of the following warning signs:

• No bank will ever call a customer to release or receive funds.
• No bank will ask for confidential information such as PINs, passwords, or usernames over the phone or via email.
• Be cautious of unsolicited SMS messages claiming you have received complimentary tickets or interest money.

To protect yourself from these scams:

• Remain vigilant and report any suspicious activity to your bank helpline or forensic department immediately.
• Never share sensitive information with unknown callers or senders.
• Always verify the authenticity of calls, emails, or SMS messages before taking any action.
• Keep your cellphone banking app up-to-date and secure.

Conclusion

The Bankers Association is warning clients to be aware of these tactics and not to fall prey to the scammers’ tricks. By being proactive and taking simple precautions, clients can protect themselves from falling victim to these sophisticated money transfer fraud schemes. Remember: stay vigilant, stay informed, and always prioritize your financial security.