By Josefina Oskar
Hilma was 61 years old, retired, and proud of the small nest she had built after decades of hard work. Every month, she sat at her kitchen table, carefully balancing her budget: medical bills, home renovations, and a little something for her grandchildren.
One morning, the phone rang. The caller addressed her by name, spoke politely, and said they were calling from her bank. They knew she had just received her pension payout, information that made the call sound completely legitimate. The voice on the line warned her that someone was trying to hack into her account and that urgent action was needed to secure her funds.
He guided her through a series of “verification steps,” asking for her ID number, card PIN, and a one-time password sent to her phone. Within minutes of hanging up, her account was emptied.
Her funds for medication and emergencies had vanished. The caller’s tone had been calm, reassuring, even professional. Like many others, she believed she was doing the right thing to protect her money.
This isn’t rare, it’s increasingly common. Across Namibia and around the world, ordinary people fall victim to sophisticated scams that prey on trust, fear, and urgency.
Fraud losses have increased sharply since 2020, rising from approximately N$8.7 million to over N$54 million in 2024. In just the first eight months of 2025, losses have already exceeded N$60 million. This rise indicates that fraudsters are continually identifying new vulnerabilities as financial activity migrates into digital spaces.
And the tactics keep evolving. Beyond fake texts and emails, deepfake videos have entered the scene, realistic, AI-generated videos that mimic the voices and faces of public figures, including central bank governors in Namibia and several countries. These videos are used to promote fraudulent investments or convince viewers to “act fast.” Fraudsters are also deploying voice cloning, fake mobile apps, and phishing links disguised as customer support chats to exploit unsuspecting victims.
Some even create counterfeit versions of legitimate banking websites, complete with security logos and customer helplines that appear authentic.
The danger isn’t just technological, it’s psychological. Scammers understand that panic overrides reason. They use language that sounds urgent: “Your account will be blocked,” “Funds at risk,” or “Confirm to protect your money.” In that split second, many people respond instinctively instead of cautiously.
A key factor enabling this wave of fraud is the widespread gap in digital and financial literacy, and it cuts across all segments of society. Fraudsters no longer target only pensioners or first-time digital users. They reach the educated and uneducated alike: professionals, public figures, students, and even those working within the financial sector. The truth is, anyone with a phone or an email address can become a target. Many victims are not negligent; they’re simply unprepared for how convincing and psychologically manipulative digital deception has become.
Recognising this, the Bank of Namibia, in partnership with the broader financial sector, has intensified efforts to protect the public. These include translated radio messages, a month-long nationwide fraud awareness campaign, and stakeholder education through targeted regional stakeholder engagements throughout the country and parliamentary stakeholder engagements. Commercial banks and key industries are also playing a pivotal role, integrating fraud-prevention tips into customer communication, branch education drives, and social media outreach. In addition, the Bank is actively partnering with the Government Institutions Pension Fund (GIPF) and the Namibia Financial Institutions Supervisory Authority (NAMFISA) to reinforce public education as an ongoing national activity, ensuring that fraud awareness is sustained beyond one-off campaigns.
But the responsibility cannot rest with institutions alone. As a nation, we must foster a culture of alertness and shared accountability. Families should discuss scams openly, teaching older relatives and young users alike how to identify suspicious messages. Community radio, schools, and civil organisations can help amplify awareness in local languages. Employers can train staff on digital safety. And when fraud happens, citizens must report it swiftly, not only to recover losses but to help protect others.
Technology will continue to advance, and so will deception. But awareness is our best defence. If each of us pauses before clicking, questions before trusting, and shares knowledge freely, Namibia can turn this challenge into a moment of national digital maturity.
In the end, digital transformation should not make us more vulnerable; it should make us more vigilant, more informed, and more united in protecting what we’ve worked so hard to build.
Report fraud and illegal financial schemes to illegalschemes@bon.com.na
*Josefina Oskar is a Communications Practitioner at the Bank of Namibia, entrusted with managing public relations, reputation, branding, and public education initiatives. Her work focuses on strengthening stakeholder trust and driving impactful awareness campaigns across the financial sector.
