Bank fraud, crime a national concern, FNB says
FNB Namibia has voiced its concern about the growing wave of fraudulent activities and criminal tactics targeting bank customers.
As criminals continue to devise increasingly aggressive methods, FNB Namibia is committed to protecting its clients’ accounts and financial security, the bank said in a recent statement.
Regarding a recent case of a client who reportedly lost approximately N$1 million, Johan Du Plessis, chief risk officer at FNB Namibia, said: “This case highlights the extreme lengths criminals are willing to go. In the process of trying to procure goods and services, our client met individuals that misrepresented themselves; however, after a thorough investigation, we can confidently confirm that this incident was unrelated to any internal FNB personnel.”
According to Du Plessis, FNB has reported and investigated 103 fraud incidents.
This represents less than 1% of the customer base impacted by fraud. The total gross loss due to fraud amounted to just over N$4 million, with just under N$1 million successfully recovered for affected clients.
“As the leading financial institution in Namibia, FNB takes its responsibility seriously. Crime, and in this instance, fraud, is not just a banking concern; it is a national and industry-wide problem that requires a collaborative approach to address effectively,” said Nangula Kauluma, CEO of FNB Namibia Retail.
Robust security
FNB Namibia’s chief operating officer Rodney Forbers said security was a non-negotiable for the lender.
“At FNB, security is non-negotiable. We have robust security measures, such as two-factor authentication and encryption for secure data transmission. We also have a dedicated forensic team that works alongside law enforcement to help investigate fraud incidents and assist in seeing criminal prosecutions through to successful convictions.”
He added: “We urge our customers to use strong, unique passwords, avoid unsolicited communications, and be vigilant about the threats that are constantly evolving”.
As criminals continue to devise increasingly aggressive methods, FNB Namibia is committed to protecting its clients’ accounts and financial security, the bank said in a recent statement.
Regarding a recent case of a client who reportedly lost approximately N$1 million, Johan Du Plessis, chief risk officer at FNB Namibia, said: “This case highlights the extreme lengths criminals are willing to go. In the process of trying to procure goods and services, our client met individuals that misrepresented themselves; however, after a thorough investigation, we can confidently confirm that this incident was unrelated to any internal FNB personnel.”
According to Du Plessis, FNB has reported and investigated 103 fraud incidents.
This represents less than 1% of the customer base impacted by fraud. The total gross loss due to fraud amounted to just over N$4 million, with just under N$1 million successfully recovered for affected clients.
“As the leading financial institution in Namibia, FNB takes its responsibility seriously. Crime, and in this instance, fraud, is not just a banking concern; it is a national and industry-wide problem that requires a collaborative approach to address effectively,” said Nangula Kauluma, CEO of FNB Namibia Retail.
Robust security
FNB Namibia’s chief operating officer Rodney Forbers said security was a non-negotiable for the lender.
“At FNB, security is non-negotiable. We have robust security measures, such as two-factor authentication and encryption for secure data transmission. We also have a dedicated forensic team that works alongside law enforcement to help investigate fraud incidents and assist in seeing criminal prosecutions through to successful convictions.”
He added: “We urge our customers to use strong, unique passwords, avoid unsolicited communications, and be vigilant about the threats that are constantly evolving”.
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