Namibia Faces Surge in Fraudulent Activities in Finance
Banks in Namibia are warning of common trends used by scammers to steal people’s hard-earned money, as fraudulent activities in finance continue to surge.
What is Bank Fraud?
According to Johnny Truter, Forensics Services Manager at Bank Windhoek, international law defines any illegal act involving deception to obtain money from a financial institution or bank depositors as bank fraud.
Common Tactics Used by Scammers
Fraudsters are using various tactics to commit bank fraud, including:
- Account Takeover (ATO): Scammers use phishing attacks to gain access to accounts, allowing them to transfer money, make fraudulent payments or withdrawals.
- Social Engineering: Fraudsters appeal to emotions and fears of victims during interactions to obtain personal bank account information.
- Call Centre Fraud: Scammers contact an organisation’s call centre pretending to be a legitimate customer, tricking representatives into giving access to accounts or performing fraudulent actions.
- Credit Card Fraud: Scammers use stolen card information for online purchases.
- Electronic Funds Transfer Fraud: Scammers transfer money from unsuspecting victims’ accounts without their knowledge.
- New Account Fraud: Scammers open fake accounts using stolen identities.
- Cybersecurity Issues: Scammers exploit vulnerabilities in financial systems to steal money.
How to Protect Your Financial Accounts
To stay safe, customers must:
- Stay Vigilant: Monitor your accounts regularly for any suspicious activities.
- Sign up for Real-Time Notifications: Receive alerts when transactions occur on your account.
- Don’t Put Phones Off the Hook: Be cautious of calls asking you to put your phone off the hook.
- Shred Sensitive Documents: Destroy documents with account numbers or personal financial information.
- Report Suspicious Activity: Inform your bank immediately if you suspect fraud.
Conclusion
By being aware of these common trends used by scammers, customers can take proactive measures to safeguard their finances against fraud. As Truter emphasizes, “It is essential to stay vigilant when it comes to protecting your finances. Family members must proactively remind senior citizens not to trust anyone asking for their personal banking details.”