Namibia Bleeds Almost $4 Million in Massive 2025 Cyber Swindle

Namibia is grappling with a dramatic surge in digital-banking crime, with financial institutions suffering losses of more than 65 million Namibian dollars from January to October, according to Deputy Governor of the Bank of Namibia, Leonie Dunn.

Addressing participants at the Fraud and Cybersecurity Risk Awareness Summit in Windhoek, Dunn revealed that the nation’s fraud-related losses have skyrocketed—from 8.7 million dollars recorded in 2020 to over 54 million dollars by 2024.

She identified the most prevalent dangers as deceptive social-engineering schemes, card-not-present attacks, and point-of-sale skimming operations.

According to Dunn, elderly citizens and individuals operating in the informal economy face the greatest exposure, especially as banking activity shifts away from physical branches and increasingly happens through mobile platforms. With Namibia’s 88.4% 4G coverage broadening digital access, cybercriminals are escalating their activities accordingly.

She pointed to several ongoing initiatives designed to fortify the country’s defenses—ranging from stricter security protocols and enhanced payment-system requirements to the launch of an AI-driven complaints portal known as ConsumerConnect.

Dunn also commended the work of the Financial Sector Cyber Resilience and Fraud Mitigation Council for advancing national preparedness, while urging the creation of a more robust cybersecurity infrastructure and more comprehensive reporting of emerging fraud patterns.

Source: Araba Sey