EZULWINI:Dr Phil Mnisi,the Governor of the Central Bank of Eswatini(CBE),has urged members of the public to consistently monitor their bank accounts amid escalating cases of fraud in the country.
Fraud is an act of misrepresentation and/or criminal deception,in most instances it is intended or result in financial gain.
The Governor was speaking at the Royal Villas-Ezulwini on Thursday during the Festive Season “Fraud Awareness Campaign”, he was represented by Mandla Luphondvo, the Central Bank Head of Strategy and Communications.
But the sentiments of the Governor come amid a disclosure suggesting that,about R20million fraud cases were detected or recorded this year and this, include reported fraud valued at R7.69million,account take over fraud(R2.79million) and online fraud valued at R1.89million.
Other fraud cases include advance fee scams fraud valued at R1.36million,business email compromise(R603 855.57), fake proof of payment fraud(R287 572.22), Automatic Teller Machine or ATM fraud(R190 577.99) and employee fraud valued at R505 400.03.
“We need to remain vigilant and actively monitor our accounts and online activities. By doing so, we can quickly detect and respond to any suspicious behaviour, such as unauthorized transactions, and stop them before they escalate.Fraudsters are becoming more sophisticated, employing clever tactics like phishing emails and smishing texts to deceive individuals. This evolving landscape allows criminals to exploit vulnerabilities based on trust and the desire for convenience”, he said.
The Governor further mentioned that, the Central Bank “has undertaken numerous essential initiatives that align with the Fraud Awareness Campaign theme”, thus showcasing the financial institution’s commitment to public education.
“These initiatives include the following:Digital Education-driven through media articles which guide consumers in navigating the increasingly complex digital landscape. Through this effort, we seek to minimize potential financial losses and enhance consumer confidence in the digital economy.Community Engagement-driven through collaborative consumer education and advocacy programs across various constituencies in our nation, particularly at Tinkhundla centres. The Central Bank has a fully-fledged Market Conduct and Consumer Protection Unit whose core mandate is consumer empowerment”, said the Governor.
National Commissioner of Police Vusi Manoma Masango, Chairperson of the Eswatini Bankers Association(EBA) Mvuselelo Fakudze and other stakeholders were present during the launch of the Fraud Awareness Campaign.
Central Bank of Eswatini(CBE) Head of Strategy and Communications Mandla Luphondvo was representing Governor Dr Phil Mnisi.