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By Delisa Thwala
Eswatini Bankers Association (EBA) Chairperson Mvuselelo Fakudze says in the case of online fraud where the card is not present, they have recorded an amount of E1 897 251, 98 lost.
This is 25% of the total reported cases. This occurs with unauthorised transactions that are conducted online by fraudsters, where customers unknowingly expose their card details on spoofed websites when trying to buy or trade online.
Fakudze revealed this information during the launch of the International Fraud Awareness Week Launch.
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Fakudze said, fraudsters steal the customer’s card information and use it to make purchases.
Meanwhile advance fees scams amounted to of E1 363 107.04 which is 18% of the total amount of cases.
This is when businesses or individuals are required to pay a fee before receiving promised services, money, or products which are ultimately never received by the payer. These transactions are increasingly common on social media.
“An amount of E603 855.57 has been lost by customers through business e-mail compromise during the year under review. Fraudsters send phishing e-mails that look like they are from a trusted sender to trick victims into revealing confidential information,’’ said Fakudze during the launch.
He further said, the information gives fraudsters access to sensitive and often financial company information.
Another type of fraud noted in the year are fake proof of payment statements that have resulted in losses amounting to E287 572.22. ATM fraud has amounted to E190 577.99, and employee fraud resulted in losses of E505 400.03.
“We have also seen an increase in a type of fraud known as Account Take Over and this type of fraud constitutes 36.4% of the total reported fraud for the year and amounted to E2 797 979.88,’’ said Fakudze.
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The Chairperson also highlighted that, they have seen fraudsters use various forms of manipulation to gain personal or confidential information from an unsuspecting victim, hence the customer would share their login credentials for digital banking which includes, passwords, PINs, and One Time Pins.
The fraudsters gain unauthorised access to customers’ accounts and steal their funds.
Due to this, they have noted a significant increase by 53.3% in reported fraud in the current year as compared to 2023, which has amounted to E7 697 014.71.
