Namibia is facing a sharp rise in digital banking fraud, with losses exceeding 65 million Namibian dollars between January and October, Deputy Bank of Namibia Governor Leonie Dunn said.
Speaking at the Fraud and Cybersecurity Risk Awareness Summit in Windhoek, she noted that fraud losses have climbed from 8.7 million dollars in 2020 to more than 54 million dollars in 2024.
The main threats include social-engineering scams, card-not-present fraud and point-of-sale skimming.
Dunn said pensioners and informal-sector users are the most vulnerable as more financial activity moves from bank branches to mobile devices. With Namibia’s 88.4% 4G coverage expanding digital access, cybercriminals are becoming more active.
She highlighted ongoing efforts to strengthen protection, including tougher security rules, upgraded payment-system standards and a new AI-powered complaints platform called ConsumerConnect.
Dunn also praised the Financial Sector Cyber Resilience and Fraud Mitigation Council for improving national readiness, and called for a stronger cybersecurity framework and better reporting of fraud trends.
