FirstRand Namibia says the northern regions have reported the highest incidence of fraud cases in the country, with small and medium enterprises (SMEs) being the most affected. The bank attributes this trend to cash-intensive business activity in border areas.
Head of Fraud Risk Management at FirstRand Namibia, Ramesh Ramdeen, said northern towns trading heavily with Angola, Zambia and Botswana are especially vulnerable due to the heavy use of cash.
“Different regions have different case typologies. The northern region is primarily cash-based due to its cash-intensive environment and proximity to Angola, Zambia and Botswana, whereas in central areas like Windhoek, fraud is mostly digital because of the young population and business concentration,” Ramdeen said.
He added that Windhoek and other central areas experience a higher prevalence of cyber-enabled fraud due to a more digitally active, business-oriented population.
Fraud Analyst at FirstRand Namibia, Vincent Tjikune, said SMEs are especially vulnerable because administrative and financial roles are often handled by a single person, making them easy targets.
“Within the commercial space, there are many small and medium enterprises where one administrator is also the accountant. These individuals are most prone to influence from outside and are targeted because they are known in the community. Fraud is not high-tech; it often involves phone calls or everyday conversations,” Tjikune said.
The bank said these interventions, reinforced during International Fraud Awareness Week, aim to build resilience among SMEs and reduce fraud exposure across both northern and central Namibia.
As part of the awareness campaign, FNB and RMB Namibia hosted a high-level fraud and cybersecurity engagement, bringing together senior decision-makers and risk professionals to address growing financial threats.
Delivering the keynote address, FirstRand Namibia CEO Conrad Dempsey warned that fraud now presents a systemic risk to the financial sector.
“Fraud and cybercrime are no longer occasional disruptions; they are persistent, sophisticated threats that strike at the very foundation of trust on which our businesses and financial systems depend,” Dempsey said.
He added that transparency and collaboration are crucial because fraud “thrives in silence, in isolation and in misinformation.”
Experts at the event highlighted emerging forms of financial crime targeting businesses and individuals, including phishing and fake calls, deepfake and AI impersonation, device linking for unauthorised transactions, card fraud using stolen details and business email compromise (BEC). They stressed the importance of vigilance, strong internal controls and ongoing education to protect consumers and organisations.
