WINDHOEK, Nov. 25 (Xinhua) -- Namibia's banking sector has lost more than 65 million Namibian dollars (about 3.75 million U.S. dollars) to digital fraud between January and October this year, Deputy Governor of the Bank of Namibia Leonie Dunn has said.
Fraud losses have risen significantly in recent years, from 8.7 million Namibian dollars in 2020 to over 54 million Namibian dollars in 2024, with social engineering, card-not-present transactions and point-of-sale skimming emerging as persistent threats across the financial sector, Dunn said Monday at the Fraud and Cybersecurity Risk Awareness Summit in Windhoek, the capital.
She said that informal-sector users and pensioners are particularly vulnerable to digital frauds.
Namibia's expanding digital ecosystem, supported by 88.4-percent 4G coverage, has improved financial access but has also shifted risks from traditional banking halls to mobile devices, where cybercriminals are increasingly active, Dunn said, calling for continuous consumer education and stronger collaboration across banks, fintech firms, telecom operators and regulators.
She said the central bank has strengthened information-security rules, enhanced cybersecurity standards for the national payment system, intensified public-awareness efforts, and is preparing to launch ConsumerConnect, an AI-enabled complaints platform.
Dunn also emphasized the role of the Financial Sector Cyber Resilience and Fraud Mitigation Council, which coordinates efforts to strengthen national cyber readiness and safeguard the country's digital financial infrastructure.
She called for more efforts to create a national cybersecurity framework, increase fraud-trend reporting, and embed digital trust and safety into all financial innovations, saying sustained action is needed to preserve public confidence in the financial system. ■
