A one-day Fraud and Cybersecurity Risk Awareness Summit is currently underway in Windhoek.

Delivering the keynote address at the summit, MICT Interim Executive Director Linda Aipinge-Nakale pointed out that cybercrime is no longer a distant phenomenon, adding that it is affecting families, businesses and institutions here in Namibia.

Aipinge-Nakale said that Namibia has seen an increase in scams, phishing attempts, fake investment schemes, and unauthorised banking transactions.

Online criminals target elderly citizens, young people, small businesses and public and private institutions.

Bank of Namibia Deputy Governor Leonie Dunn stated that digital fraud, in particular, is on the rise in Namibia, noting that in the banking sector alone, fraud losses have increased sharply since 2020, rising from approximately N$8.7 million to over N$54 million in 2024.  Between January and October 2025, these losses exceeded the N$65 million mark.

Dunn says what is of further concern is that, alongside existing fraud tactics such as fake EFTs, point-of-sale skimming, and card-not-present transactions, newer methods like social engineering have become a significant and persistent threat.

She added that informal-sector participants, including small traders and gig workers who increasingly depend on digital tools, remain particularly exposed to these evolving risks.

Dunn called on the banking industry to ensure that digital growth does not leave consumers of financial services vulnerable or unprotected.

The Fraud and Cybersecurity Risk Awareness summit is organised by the Bankers Association of Namibia and the Bank of Namibia.