Banking Week kicks off

BANKING Week 2008 kicks off today with road shows taking place at various towns around the country to educate consumers on banking fraud.

Cheque fraud, Internet banking fraud, ATM fraud and card fraud are a few of the criminal activities which have led to many consumers suffering heavy financial losses. The Bank of Namibia and the Bankers’ Association of Namibia – comprised of Nedbank, Bank Windhoek, Standard Bank and First National Bank – hope this year’s theme, ‘Stop Bank Fraud’, will address these issues and help customers get a better understanding of how to deal with and how to protect themselves from banking fraud.Fraud losses for commercial banks amounted to N$3,2 million in 2007 – a decrease from the N$4,1 million reported the year before.Launching the event in Windhoek on Friday, the Minister of Finance, Saara Kuugongelwa-Amadhila, applauded the effort by the banks, saying the event was taking place at the right time when consumers were grappling with all sorts of fraudulent activities.”I am of the opinion that a campaign like this could not have come at a better time.The banking industry demonstrates that they are serious in their effort to create awareness amongst citizens and users of the banking system on how to protect them and, thereby, help eliminate banking fraud nationwide,” she said.She added that banking fraud and money laundering were detrimental to the country’s economic growth, hence the need to nip the problems in the bud.BoN Governor Tom Alweendo gave insight into the problem, saying such financial crimes were also being committed by employees of financial institutions or with their direct assistance.”We must also realise that a financial institution’s cost of fraud goes far beyond the initial sums of money stolen by a deceitful client or dishonest employee.These costs range from some tangible negative effects, to other less tangible results throughout the institution.”However, one way or another they all cost the institution time, money, productivity and potentially customer relationships.”In addition to the road show, informative brochures and posters will be distributed, and various radio and TV programmes will enhance the awareness week.The Bank of Namibia and the Bankers’ Association of Namibia – comprised of Nedbank, Bank Windhoek, Standard Bank and First National Bank – hope this year’s theme, ‘Stop Bank Fraud’, will address these issues and help customers get a better understanding of how to deal with and how to protect themselves from banking fraud.Fraud losses for commercial banks amounted to N$3,2 million in 2007 – a decrease from the N$4,1 million reported the year before.Launching the event in Windhoek on Friday, the Minister of Finance, Saara Kuugongelwa-Amadhila, applauded the effort by the banks, saying the event was taking place at the right time when consumers were grappling with all sorts of fraudulent activities.”I am of the opinion that a campaign like this could not have come at a better time.The banking industry demonstrates that they are serious in their effort to create awareness amongst citizens and users of the banking system on how to protect them and, thereby, help eliminate banking fraud nationwide,” she said.She added that banking fraud and money laundering were detrimental to the country’s economic growth, hence the need to nip the problems in the bud.BoN Governor Tom Alweendo gave insight into the problem, saying such financial crimes were also being committed by employees of financial institutions or with their direct assistance.”We must also realise that a financial institution’s cost of fraud goes far beyond the initial sums of money stolen by a deceitful client or dishonest employee.These costs range from some tangible negative effects, to other less tangible results throughout the institution.”However, one way or another they all cost the institution time, money, productivity and potentially customer relationships.”In addition to the road show, informative brochures and posters will be distributed, and various radio and TV programmes will enhance the awareness week.