Africa-Press – Namibia. IN comparison with 2021, there has been a substantial increase in the total value of fraud across all payment streams, with fraud committed via Electronic-Funds-Transfer (EFT) payments recording the highest increase, robbing clients of over N$14 million, and increasing by 80%.
This was revealed in the Bank of Namibia’s financial stability report, which shared that the industry recorded fraud increases of N$638,000, N$11.5 million, and N$5.9 million for the card, EFT, and e-money streams, respectively, compared to 2021.
According to the report, payment card fraud increased by 9.0%, EFT fraud by 80.0%, and e-money payments fraud by 62.0%.
The increase in payment card fraud was primarily due to Card-Not-Present payment incidents perpetrated via internet banking platforms and/or mobile applications, according to the central bank. The EFT fraud was perpetrated primarily via phishing, while e-money payments fraud resulted from incidents that were perpetrated via phone scams, particularly on the wallets.
The total value of fraud attributable to the card, EFT, and e-money streams for the period under review amounted to N$7.3 million, N$14.5 million, and N$9.6 million, respectively.
The total fraud perpetrated within the NPS stood at 0.00223 percent during the period under review, which is within the Bank’s fraud safety index of 0.05 percent. The fraud safety index is the total value of fraud measured against the total value transferred via the payment streams.
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