Financial Institution Fraud on the Rise in Namibia, Warns Committee

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The Financial Institutions Fraud Security Committee (FIFSC) has issued a warning that financial institution fraud is increasingly becoming a major concern in Namibia. The committee was established to reduce crimes committed against financial institutions and promote the security of staff, customers, and members.

Objectives of FIFSC

• Effective detection and reporting of fraud and security risks to regulatory and law enforcement agencies
• Ensuring appropriate actions are taken against perpetrators of fraud, economic crimes, and security-related offenses

FIFSC’s Role in Combating Fraud

The committee provides a dedicated platform for addressing current and future fraud-related challenges. This allows members to share fraud experiences and information, enhancing collaboration among financial institutions and improving the overall security of the industry.

Warning from FIFSC Chairperson

Rajesh Rajgopal, FIFSC Chairperson for 2021, warned that financial institution fraud poses a significant threat to the stability of Namibia’s financial system. If left unchecked, it could have devastating consequences.

Call to Action

FIFSC has urged all financial institutions in Namibia to remain vigilant and take proactive steps to prevent and detect fraud. The committee has also called on law enforcement agencies to intensify their efforts to investigate and prosecute fraud cases.

Resources for Fraud Awareness

For more information on fraud awareness, the public can visit the “Fraud Awareness” tab on the Pan-Namibian website or follow this link: https://www.pan.org.na/payments/fraud-awareness.