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NAMIBIA BANKING FRAUD: Types You Need to Know About

By Johnny Truter, Forensics Services Manager at Bank Windhoek

Bank fraud has become an increasing concern not only in Namibia but around the world. According to international law, any illegal act involving deception to obtain money from a financial institution or its depositors is considered bank fraud. As fraudsters continue to find new ways to steal people’s hard-earned cash, it is essential for banking customers to be aware of the most common trends used by fraudsters.

Types of Bank Fraud

Account Takeover (ATO)

Account Takeover involves fraudsters transferring money, making fraudulent payments or withdrawals. To launch an ATO attack, fraudsters use phishing attacks, where they send fake emails or text messages to customers directing them to a fake bank login page. Once access is gained, the attacker changes the password to lock out the actual account owner.

Another type of fraud that has been used in combination with phishing activities is social engineering. This involves fraudsters using a range of attacks to obtain personal bank account information from their victims by appealing to their emotions and fears during interactions. This can include tricking customers into providing sensitive information such as passwords and PINs, which allows fraudsters to take over accounts.

Call Centre Fraud

Fraudsters also use call centre fraud, where they contact an organisation’s call centre pretending to be a legitimate customer and then trick the representative into giving them access to an account or performing fraudulent actions. Credit card fraud is another type of fraud that has been on the rise, with fraudsters stealing physical cards, finding lost cards, or obtaining information from cards.

Electronic Funds Transfer (EFT) Fraud

Electronic funds transfer fraud involves scammers posing as trusted individuals or vendors and requesting EFT transfers. New account fraud is another common type of bank fraud, where fraudsters open accounts to commit fraud using stolen identities.

Cybersecurity Concerns

Finally, cybersecurity issues can also be a concern, with fraudsters targeting unprotected software and weaknesses in data servers to steal customer information. Credential stuffing, which involves using sophisticated bots to test random credentials automatically, is another tactic used by fraudsters.

How to Protect Your Financial Accounts

To protect your financial accounts, it is essential to stay vigilant. Customers should:

Monitor their banking accounts regularly
Sign up for real-time notifications of activities on their account from their bank
Never put your phone off when asked to do so by a caller
If you notice something odd, call the bank immediately
Shred anything with account numbers or personal financial information

By being aware of these common types of bank fraud and taking proactive steps to protect our finances, we can fight fraud and keep our money safe.