Namibia: Standard Bank Warns Against Fraud, Scams

Standard Bank Namibia is urging citizens to take proactive steps in protecting themselves from fraud and scams, as Namibia joins the global community in observing International Fraud Awareness Week, which is observed under the theme "Stop. Check. Protect."

The bank is championing a culture of awareness and vigilance to help safeguard consumers, businesses, and the broader economy. Head of Compliance at Standard Bank Namibia, Roxzaan Witbooi, said fraud is no longer a distant or occasional threat; it's a daily reality. From phishing emails and identity theft to cybercrime and fraud, fraudsters are becoming increasingly sophisticated, exploiting both technological and human vulnerabilities. The consequences are far-reaching, affecting not only personal finances but also emotional wellbeing and trust in financial institutions.

"Fraud is not just about stolen money; it's about stolen peace of mind. When someone falls victim to fraud, the emotional toll can be just as severe as the financial loss. That's why we're committed not only to safeguarding the bank and its clients against fraud, but also building a culture of awareness, education, and proactive protection," she said.

She further said, globally, organisations lose an estimated 5% of their annual revenue to fraud. In Namibia, this translates into millions of dollars lost each year, undermining business sustainability, draining public resources, and eroding investor confidence. As a trusted financial institution, Standard Bank Namibia is responding with a robust strategy that includes strengthening internal controls, enhancing fraud detection systems, and deepening collaboration with regulators, law enforcement and industry peers.

But just as significantly, the bank is investing in people. Throughout Fraud Awareness Week, Standard Bank Namibia will host a series of initiatives aimed at educating and engaging the public. These include internal training sessions, public awareness campaigns, thought leadership events, and client outreach drives, all aimed at reinforcing the importance of vigilance and encouraging the reporting of suspicious activity.

"Fraud is everyone's problem and everyone's responsibility. By stopping to think, checking the facts, and protecting ourselves and others, we can build a safer financial future for Namibia," said Witbooi.

Read the original article on New Era.