ONGWEDIVA – A total of N$79 million in banking fraud losses was reported between 2020 and 2025, according to the Bank of Namibia.
This was revealed yesterday by Cornelia Shipindo, Executive of the Namibia Cyber Security Incident Response Team (NAM-CSIRT) at CRAN, during her presentation at the National ICT Summit, which is being hosted in Ongwediva.
She said the amount of money lost through banking fraud in Namibia has increased dramatically.
Shipindo stated that in 2020, banking fraud caused losses of about N$8.7 million, while by 2024, the losses had increased to more than N$54 million.
“Increasing to N$79 million by the end of 2025, according to the Bank of Namibia,” she added.
She stressed that fraudsters increasingly rely on deepfakes and voice cloning, as well as using counterfeit banking applications and phishing links.
Shipindo urged people not to disclose sensitive information simply because a caller sounds confident.
“Ask for identification and verify it through an official contact point. Never allow unknown individuals to follow you into restricted areas. Challenge or report unattended visitors according to organisational procedures. Protect conversations, screens, documents and access cards in public spaces,” she urged.
She also cautioned people against connecting unknown USB devices or other removable media to their devices.
Shipindo urged people to report online crime incidents as soon as possible so that the police can take action promptly.
She further urged people to stop sharing their confidential banking details with others. She explained that social engineering involves the psychological manipulation of people by tricking them into revealing confidential information, transferring money or performing unsafe actions that compromise their security.
“Use strong, unique passwords and multi-factor authentication. Check the full sender address and not only the display name. Hover over links before opening them and avoid shortened or unfamiliar links. Do not open unexpected attachments or enable macros. Be cautious with QR codes that lead to login or payment pages,” she urged.
Shipindo advised people not to respond, click, download, scan or approve anything immediately. Instead, they should contact the person or organisation using a trusted and independent communication channel.
“Check the sender, link destination, attachment type and context. Never share passwords or one-time PINs; use approved systems and procedures. Notify the designated cybersecurity or ICT contact promptly,” she said.
She added that people should report suspicious incidents to their organisational IT or cybersecurity representatives.
“Do not feel embarrassed. Early reporting helps limit harm. Immediately stop interacting with the message, caller or website,” she said.
-fhamalwa@nepc.com.na
The post N$79m in banking cyber-related fraud losses appeared first on New Era.