As part of it’s mandate to foster financial stability and inclusion, the Central Bank of eSwatini(CBE) must consider introducing programs that seek to capacitate members of the public and or create awareness regarding the impact of cyber crime on digital banking.
Cybercrime is any criminal activity that involves a computer, networked device or a network, most cyber-crimes are committed for financial gain.
It should be noted that in the world of digital banking, Card-Not-Present(CNP) has become one of the most prevalent form of payment fraud, where cyber criminals use details of the victim’s bank card to fraudulently authorize payments.
Even though most Swazis are aware that they must lock their doors, cars to protect valuable assets including money, some don’t understand the risks of sending a relative to withdraw money from an Automatic Teller Machine(ATM)on their behalf and that the numbers on the card could be used to commit a cyber-crime through authorization of an unlawful payment.
Payments of elderly grants by Government through Mobile Money(MOMO) must come with empowerment in terms of knowledge on how senior citizens can protect their monies by keeping their transaction security details safe.
Before the integration of the digital banking system, criminals would invade homes and commit robberies, demanding money, now they grab bank cards or use softwares to steal personal information electronically, the victim would only receive a notification suggesting that the money was being wipped-out in the account.
A victim with basic understanding of cyber-security will find ways of cancelling the card electronically before reporting to the police.
But a citizen without any knowledge of cyber crime will rush to the police first while cyber criminals transfer more money, basic efforts to report to the bank immediately mitigates the damage.
It is therefore important for the Central Bank to introduce programs that seek to capacitate members of the public about cyber-crime, the world is changing.
Central Bank Governor Phil Mnisi.