Financial Crime World

NAMIBIA CONSUMERS CAUTIONED AGAINST IDENTITY THEFT FINANCIAL LOSSES

Identity Theft Remains a Significant Threat Despite Security Measures

A recent report by the United States Identity Theft Research Centre has highlighted that despite significant investment in security measures, consumer safety from hackers is still not guaranteed. The report warns that there are new avenues of attack emerging with every new platform, particularly targeting individuals’ identities.

The report reveals that personal identity information has become the weakest link in bypassing sophisticated security systems. Identity theft occurs when an individual steals one’s personal information, such as identification numbers, and uses it to open credit card accounts and take advantage of other financial services.

Protecting Yourself from Identity Thieves

To protect yourself from identity thieves:

  • Regularly check your credit reports with the credit bureau and report any unusual transactions immediately
  • Pay attention to monthly bank statements for suspicious charges, including debit orders and unknown internet payments
  • Dispose and store personal and financial documents securely by shredding them before disposing of them in the trash
  • Keep sensitive documents such as payslips, tax returns, and copies of identity documents in a secure location

Password Security Best Practices

It is also essential to use:

  • Robust passwords that do not contain your name or date of birth
  • A mix of numbers, words, letters (both lower and upper cases), and special characters
  • Strong firewall, antivirus, and antimalware protection

Be Cautious with Emails, Texts, and Phone Calls

Consumers are warned against responding to emails, texts, or phone calls asking for personal information or requesting money transfers. If targeted by such scams:

  • Avoid the message and contact financial institutions directly
  • Do not share your personal information over the phone or via email

Bank Windhoek’s Advice

Bank Windhoek cautions customers that the institution will never request personal information in this manner. Victims of identity theft are encouraged to report incidents immediately to Bank Windhoek’s Customer Contact Centre at +264 61 299 1200.

Vigilance is Key

In a recent poll conducted by Money Matters, 93% of respondents agreed that practicing vigilance is one of the most robust defences against identity theft. The winner of the poll draw was Martinus Kapolo, who won N$1000 in cash.

Conclusion

As Johnny Truter, Manager of Forensic Services at Bank Windhoek, notes: “Will a bank ask you to update or confirm confidential details over the phone or by email?” The answer is no - banks will never request such information through these channels. Stay vigilant and protect yourself from identity theft financial losses!