BoN records increase in EFT payments fraud

21 April 2020 | Banking

The Bank of Namibia (BoN) recorded an increase of N$5.4 million in Electronic Funds Transfer (ETF) payments fraud in 2019 compared to the N.dollars 194 000 recorded in the preceding year.This increase was primarily due to phishing incidents perpetrated via internet banking platforms and mobile applications, the BoN's recently released 2019 annual report indicates.“The total value of fraud attributable to Card, EFT and Cheque streams amounted to N$3.1 million, N$5.6 million and N$320 00 respectively. Despite the increase in 2019, the total fraud perpetrated within the National Payment System (NPS) remained within the fraud safety index indicator of 0.05 per cent as per the Bank’s Strategic Goal, resulting in an actual figure of 0.00089 per cent,” the report reads.The report further indicates that card and cheque payments fraud decreased by 40.1 per cent and 53.0 per cent respectively over the period under review.During 2019, the BoN noted a decrease in EFT payments effected by the Government. The total volume of EFT payments effected amounted to 2 190 972, in comparison to 2 430 757 in 2018 which equates to a decline of 9.9 per cent.Furthermore, BoN continued to make concerted efforts to arrest the problem of illegal dealings in foreign currency and this was done through close collaboration with the law enforcement agencies.An amount of approximately N.dollars 189 000 was forfeited to the Criminal Assets Recovery Fund established under the Prevention of Organised Crime Act, Act No. 29 of 2004, the report reads.“During the period under review, two persons were arrested for illegal forex dealings worth N$1.2 million, and a preservation order was issued for two apartments out of which the illegal forex dealings were conducted. One person was also arrested for attempting to export foreign currency to the value of N.dollars 3 million,' the report adds.The BoN also investigated potential violations of the single discretionary allowance limits.“The permissible single discretionary allowance threshold is N.dollars 1 million per individual in a calendar year. An amount of N.dollars 129 million has been detected on individual accounts where the limit was exceeded [which is] in violation of Exchange Control Rules,” the report indicates. - Nampa

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