Financial Crime World

LESOTHO BANKING SCAM ALERT: Fraudulent Activities on the Rise, Warns Central Bank

Maseru - A Warning from the Central Bank of Lesotho

The Central Bank of Lesotho has issued a stern warning to the public about fraudulent activities being perpetrated through mobile money platforms in the country. In a move aimed at protecting citizens from financial losses, the bank has partnered with mobile money issuers Vodacom Lesotho, Econet Telecom Lesotho and Lesotho PostBank to raise awareness about these scams.

Job Promise Scams

  • Reports of job promise scams have been circulating, where fraudsters lure unsuspecting victims into sending money through M-Pesa, EcoCash, and Khetsi under the false pretence of being officials or employees of companies, organizations, or government ministries.
  • In return, they promise jobs in exchange for payment.

Advice from the Central Bank

  • Citizens are advised to be vigilant and not send money to anyone claiming to be an employee or official from any company, organization, or government ministry offering a job.
  • Instead, they should contact the company or organization in person to request more details about the job offer.

Mobile Money Agent/Merchant Short Message Service (SMS) Scams

  • Fraudsters issue fake SMS messages indicating that they have withdrawn money from their mobile money wallets and require cash from agents.
  • The bank advises agents to verify confirmation SMS messages proving that customers have actually performed transactions before rendering services.

Foreign Exchange Investment Scams

  • Fraudulent individuals or companies solicit money from the public with promises of high returns, which are illegal operations.
  • Citizens are advised to steer clear of such “get rich quick” schemes.

Counterfeit Banknotes

  • Reports of counterfeit banknotes being used by fraudsters to cash-in (deposit) at mobile money agents before cashing-out at another agent have been reported.
  • The bank advises agents and the public to familiarize themselves with the security features of both Maloti and South African Rand (ZAR) Banknotes to protect themselves from these scams.

Mobile Money Transfers

  • Citizens are advised to verify mobile phone numbers and names of individuals before confirming transactions.
  • Those who have received monies by mistake are required to authorise reversals requests, as failure to do so could result in legal action being taken against them.

Call to Action

  • The bank urges citizens to remain vigilant and report any suspicious activities to the nearest Lesotho Mounted Police Service (LMPS) station.