
THE Bankers Association of Zambia (BAZ) says it is in talks with the Bank of Zambia (BoZ) on the possibility of instituting stiffer penalties for fraudsters hacking in the banking system.
BAZ chairperson Mizinga Melu said the association is working with the central bank to ensure that penalties are more stringent.
Mrs Melu said the association has continued to receive numerous complaints on debit card machines and automated teller machines (ATM) fraud attempts particularly from customers transacting abroad.
She said initial investigations by the BAZ revealed that some cards could have been replicated or skimmed and these are now being used to transact on both ATMs and points of sale machines.
“In order to protect the customers’ funds and to ensure that customers are not inconvenienced, a number of banks have taken various protective and preventive measures,” she said.
She said this at a press briefing in Lusaka on Wednesday.
Mrs Melu said the association is doing everything possible to manage the risk and ensure customer’s funds are protected.
Customers have been advised to exercise caution when using debit cards especially when transacting abroad.
Mrs Melu cautioned the public to be wary of fraudsters and advised customers to refrain from giving pin numbers to people they are close.
She advised clients intending to travel outside the country to inform their banks and report any suspicious transactions.
“We have seen that this is a real issue, even in developed nations it is happening, so please take caution when transacting as a precautionary measure,” she said.
She said BAZ is working with the central bank governor on how best to bring to book culprits by instituting stringent penalties.
She however could not quantify the amount in terms of figures the banks have lost in terms of fraud activities since fraud activities are in early stages.
In the recent past the banking industry experienced isolated incidents of card frauds.
BAZ has also urged customers to get in touch with their bankers should they notice any suspicious transaction on their account, for investigation and appropriate action to ensure customers are not inconvenienced.
[Zambia Daily Mail]