Rwanda’s Banking Sector Hit by Widespread Card Fraud
Kigali, Rwanda - The Rwandan banking sector is facing a major crisis as cases of card fraud continue to rise, with thousands of customers falling victim to fraudulent transactions.
Types of Card Fraud in Rwanda
- Card Skimming: Criminals use devices to capture sensitive information from unsuspecting customers at ATMs and point-of-sale terminals. “We have noticed a rise in card skimming cases, especially in areas with poor lighting and high foot traffic,” said an official from I&M Bank Rwanda Plc.
- Fake Call Fraud: Scammers use fake calls to trick customers into revealing their personal identification numbers (PINs) and account details.
- Application Fraud: Criminals obtain cards in people’s names by stealing their identities or using fake documents. “We have seen a surge in application fraud cases, particularly among young adults who are new to the banking system,” said another bank official.
Prevention Measures
To prevent card fraud, experts advise customers to:
- Keep their cards and PINs secure
- Avoid sharing personal information over the phone
- Monitor their account activity regularly
- Use secured Wi-Fi networks for online transactions
When a customer becomes a victim of card fraud, they should:
- Change their online passwords and PINs
- Monitor their account activity closely
- Notify their bank immediately
Government Efforts to Combat Card Fraud
The Rwandan government has stepped in to address the issue by planning to introduce new regulations to prevent card fraud and protect consumers. “We are working closely with banks and financial institutions to develop a comprehensive plan to combat card fraud and ensure the safety of our customers’ personal data,” said a government official.
Conclusion
Experts warn that vigilance is key in preventing card fraud. Customers should be aware of their surroundings when using ATMs or making online transactions, and report any suspicious activity to their bank immediately. With joint efforts from the banking sector and the government, Rwanda can effectively combat card fraud and ensure a safer financial environment for its citizens.