Chamwe Kaira
Fraud losses in Namibia’s banking sector have risen sharply over the past five years, reaching N$73.9 million in 2025, according to new data from the central bank.
In 2021, total fraud losses stood at N$13.3 million. Card fraud was the main driver at N$6.8 million, followed by e-money fraud at N$3.6 million and EFT fraud at N$2.9 million.
In 2022, losses more than doubled to N$31.5 million. EFT fraud increased to N$14.5 million and became the largest contributor, overtaking card fraud.
The rise continued in 2023, with total fraud reaching N$46.7 million. EFT fraud accounted for N$17.4 million, while card fraud rose to N$17.7 million. E-money fraud peaked at N$11 million.
In 2024, total losses increased to N$50.9 million. EFT fraud climbed to N$29.1 million, while card fraud reached N$19 million. E-money fraud dropped to N$2.8 million.
In 2025, total fraud losses surged to N$73.9 million. EFT fraud rose sharply to about N$53 million, making it the main source of losses.
Card fraud remained at N$19.9 million, while e-money fraud declined to N$1.1 million.
The Bank of Namibia said the rise in fraud is linked to scams that target digital payment systems.
“This escalation was primarily attributable to vishing and phishing schemes, in which fraudsters impersonate legitimate institutions to deceive individuals into disclosing sensitive information such as usernames and passwords. These attacks commonly occur through fraudulent emails, text messages, phone calls, or spoofed websites that appear authentic. In contrast, e-money fraud declined to N$1 million from N$2.8 million in 2024,” the bank said.
The bank said the total value of fraudulent transactions in the National Payment System has increased steadily over the five-year period, with a strong rise in 2025.
In response, the bank and industry stakeholders have introduced measures to reduce fraud.
These include stronger controls, improved fraud detection systems and closer cooperation between banks, telecom providers and law enforcement.
Public awareness campaigns are also being expanded, while regulatory frameworks are being reviewed to address new risks.
The bank said it has engaged industry players to improve the protection of client data and strengthen security systems.
Industry platforms such as the Cybersecurity Council are also being used to support efforts to reduce fraud in the financial system.
