A South African based Fraud Specialist has charged that cyber-crime is the second major challenge facing the African continent after the Ebola crisis.
FNB South Africa Fraud Specialist Henk Vermeulen said his company is working closely with international security agencies in an effort to protect customers from debit card fraudsters.
Speaking when he addressed journalists in Lusaka today, Mr Vermeulen called on all commercial banks to work together to curb card fraud.
He said the fight against cyber-crime cannot be won if it is fought in isolation.
And Speaking at the same occasion, First National Bank (FNB) Zambia stressed that it is committed to protecting its consumers and retailers against debit card fraud.
FNB Zambia Head of Enterprise Risk Management Mako Ndumba acknowledged that debit card fraud has continued to be on the increase affecting thousands of the Bank’s customers.
Mr Ndumba said there is need for concerted efforts from all stakeholders including other banks to abate the scourge.
He observed that there is also need to educate and sensitise the public on preventing card fraud.
Mr Ndumba urged all stakeholders to increase their awareness of the different types of card fraud occurring and take precautionary measures when making payments in both foreign and familiar surroundings.
He also disclosed that there is strong growth in consumer card usage, with transaction volumes going up 78 percent compared to last year’s figures.
Mr Ndumba said part of the success of card payments is the security and convenience of using a card for everyday payments, adding that at the same time, buying goods online or at a retailer’s Point of Sale (POS) is also cheaper for consumers.