Financial Crime World

Cybercrime and Financial Institutions in Namibia: Familiar Flaws but Fixable Ones

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A new study has identified serious yet fixable flaws in the proposed Cybercrime Bill 2019, which is expected to be finalized soon. The research highlights the importance of addressing these issues before the bill becomes law.

Background

The study was conducted by Frederico Links as part of the “Mainstreaming Human Rights in Cybercrime Law and Policy Making” project, funded by Global Partners Digital. This project aims to promote human rights in cybercrime law and policy making.

Flaws in the Proposed Bill

The research identifies several areas of concern:

  • Lack of Clarity on Jurisdictional Issues: The bill lacks clear provisions on jurisdictional issues, which could lead to confusion and difficulties in enforcing cybercrime laws.
  • Inadequate Provisions for Data Protection: The proposed bill does not provide adequate safeguards for personal data protection, putting citizens at risk of identity theft and fraud.
  • Insufficient Penalties for Cybercrime Offenders: The penalties for cybercrime offenders are insufficient, which could discourage individuals from reporting incidents and seeking justice.

Consequences of Unaddressed Flaws

If these flaws are not addressed, they could have serious consequences for financial institutions in Namibia, including:

  • Compromised Security of Financial Transactions: Unprotected digital transactions could lead to financial losses and put citizens at risk of fraud.
  • Increased Risk of Identity Theft and Fraud: The lack of adequate data protection provisions could result in the theft of personal information, leading to identity theft and fraud.

Partnerships and Funding

The Institute for Public Policy Research (IPPR) would like to thank its supporters, including Global Partners Digital, for their contribution towards advancing knowledge on cybercrime and human rights in Namibia.

Recommendations

The IPPR recommends that the government addresses these flaws before finalizing the bill. By doing so, it can help ensure a safer and more secure environment for financial transactions.

Conclusion

The findings of this study are particularly timely given the growing importance of digital transactions in Namibia’s economy. The IPPR hopes that this research will contribute towards informed policy making and highlight the need for robust measures to protect Namibian citizens from cybercrime.