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Banks Take Extra Precautions to Prevent Fraud in Lesotho
Nedbank Lesotho Limited, a leading financial institution in the country, has implemented various measures to prevent fraud and protect its customers’ personal and financial information. The bank collects a wide range of personal data from its clients, including:
- Names
- Ages
- ID numbers
- Addresses
- Income records
- Banking details
This information is collected from various sources, including:
- Third-party financial institutions
- Credit bureaus
- Fraud prevention agencies
However, the bank assures that it will never disclose any customer information to external parties without their consent, except in cases where it is necessary to prevent fraud or similar matters.
Use of Customer Data
Nedbank Lesotho Limited uses its customers’ personal data for several purposes:
- Providing banking products and services
- Making lending decisions
- Detecting and preventing fraud
- Meeting legislative requirements
In addition, the bank uses biometric information such as voice recognition for identification purposes and records customer communications to:
- Verify instructions
- Improve services
- Train staff
Confidentiality and Marketing
The bank is committed to maintaining the confidentiality of its customers’ data and will only market to them with their consent. It utilizes electronic communication media, such as email and SMS, where authorized by the customer, or paper-based communications if no authorization has been given.
Disclosure of Customer Information
In cases where it is necessary to disclose customer information to third parties, Nedbank Lesotho Limited will do so only:
- To prevent fraud or similar matters
- To comply with tax reporting requirements
- In response to a court order
- To protect its own interests or for public safety purposes, such as crime prevention
Commitment to Protection
By implementing these measures, Nedbank Lesotho Limited demonstrates its commitment to protecting its customers’ personal and financial data while providing them with the products and services they need.