Staff Reporter
WINDHOEK, December 4 — In the past, bank robberies were brazen, employing weapons and physical intimidation to instil fear in staff, security guards, and customers at the branch. Timing was strategic, often occurring on the last day of the month when cash levels were high, and the branch was busy with check cashing.
Today, stealing money has become more sophisticated, with a shift to digital methods. Despite the change in tactics, the use of scare tactics and instilling fear in victims remains consistent. In the digital age, customers unknowingly become the banking system’s weakest link by providing fraudsters with their most critical line of defence—their Personal Identity Numbers (PINs).
Bank Windhoek emphasizes the importance of vigilance during the festive season, as fraudsters are particularly active. Tactics such as social engineering, a method of manipulating individuals to gain control over their bank accounts, were prevalent during this period. Social engineering involves various strategies, such as posing as investment brokers or bank employees on closed Facebook groups or using personal information from public directories.
Victims are often targeted over several days or months, with fraudsters gradually gaining trust through smooth-talking and the use of personal details. Social engineering does not always happen in a single phone call; it is a process that involves building trust and extracting information over time.
The common outcome of these scams is the fraudulent acquisition of a victim’s PIN, often coerced through tactics such as fake transaction notifications and subsequent panic-inducing calls. Bank Windhoek advises customers to stay calm, verify SMS notification numbers, and be wary of suspicious calls requesting PINs.
Vulnerable targets, particularly pensioners awaiting payments, are increasingly falling victim to these scams. Bank Windhoek urges customers, especially senior citizens, not to disclose their PINs and to end any calls claiming urgency in PIN requests.
Customers are reminded that their PIN and One Time PIN (OTP) are crucial defences against fraudsters. These should never be shared with anyone, including the bank, friends, or family. OTPs are generated for secure account access during Internet banking, providing an additional layer of security.
In the unfortunate event of falling victim to scams, customers are guided through a specific process by Bank Windhoek. This involves registering a criminal case with the Namibian Police and initiating a criminal investigation. The bank assures clients of confidentiality during this process, complying with section 85 of the Banking Institutions Act, 2023.
