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Banking Fraud Types in Namibia: What You Need to Know

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International law defines bank fraud as any illegal act involving deception to obtain money from a financial institution or its depositors. In Namibia, fraudsters are constantly coming up with new ways to steal people’s hard-earned cash. Here are some of the most common trends used by fraudsters that banking customers must know:

Account Takeover (ATO)

An ATO allows fraudsters to transfer money, make fraudulent payments or withdrawals. Phishing attacks, where fake emails or text messages direct customers to a fake bank login page, are often used to launch an ATO attack. Fraudsters can also hijack online accounts using stolen credentials and change the password to lock out the actual account owner.

Social engineering is another technique used by fraudsters in combination with phishing activities. This includes a broad range of attacks that aim to obtain personal banking information from victims by appealing to their emotions and fears during interactions. For example, fraudsters may trick customers into providing account passwords and Personal Identity Numbers (PINs), which allows them to take over accounts.

Call Centre Fraud

Call centre fraud is a form of social engineering where a fraudster contacts an organisation’s call centre pretending to be a legitimate customer. They may then trick the call centre representative into giving them access to an account or performing fraudulent actions within an account.

Credit Card Fraud

Credit card fraud is a broad term that refers to fraud committed using any payment card. The most common type of credit card fraud is card-not-present (CNP) fraud, where fraudsters execute fraudulent online purchases by stealing physical cards or finding lost cards or card information.

Electronic Funds Transfer (EFT) Fraud

Electronic funds transfer fraud involves scammers posing as trusted individuals, vendors, companies, or family members and requesting an EFT transfer. They often trick victims emotionally by claiming it is an emergency.

New Account Fraud

New account fraud is one of the most common types of bank fraud, where a fraudster opens an account to commit fraud, often using stolen identities.

Cybersecurity Issues

Cybersecurity issues are also a major concern, as fraudsters target unprotected software and other cybersecurity weaknesses to gain access to data servers and steal customer information. Credential stuffing, also known as “brute force” attacks, involves sophisticated bots testing random credentials automatically.

Protecting Your Financial Accounts

To protect your financial accounts, it is essential to stay vigilant. Senior citizens are often the most targeted customers, so family members should remind them not to trust anyone asking for their personal banking details. Customers should monitor their banking accounts regularly and sign up for real-time notifications of activities on their account from their bank. Never put your phone off when asked to do so by a caller, and call your bank immediately if you notice something odd.

Conclusion

By being aware of these common fraud trends and taking proactive measures to safeguard our finances, we can help fight fraud and protect ourselves from financial losses. Stay informed, stay vigilant, and keep your financial accounts safe!