Namibia’s fraud losses in the national payment system have surged to N$73.90 million in 2025, up from N$13.77 million in 2021, as electronic funds transfer (EFT) scams increasingly dominate financial crime.
The Bank of Namibia said losses have risen steadily over the five-year period, more than doubling to N$29.63 million in 2022, before climbing to N$50.25 million in 2023 and N$54.24 million in 2024.
“Fraud losses increased steadily over the five-year period, rising from N$13.77 million in 2021 to N$73.90 million in 2025,” the Bank said.
EFT fraud has emerged as the primary driver of losses, increasing sharply from N$6.10 million in 2021 to N$52.88 million in 2025. In contrast, card fraud declined from N$21.04 million in 2024 to N$19.93 million in 2025.
“Electronic funds transfer fraud rose significantly to N$53 million in 2025, compared with N$33 million in 2024,” the Bank noted.
The central bank attributed the rise in EFT fraud largely to social engineering tactics, including phishing and vishing, where fraudsters impersonate legitimate institutions to obtain sensitive financial information.
“This escalation was primarily attributable to phishing and vishing schemes in which fraudsters deceive individuals into disclosing confidential information,” the Bank said.
E-money fraud remained relatively low but volatile, increasing from N$1.16 million in 2021 to N$5.35 million in 2023, before declining to N$0.45 million in 2024 and rising again to N$1.10 million in 2025.
“In contrast, e-money fraud increased to N$1 million from N$451,000 in 2024,” the Bank added.
In response, the Bank said coordinated mitigation measures are being implemented across the financial sector, focusing on strengthening controls, improving detection systems and enhancing public awareness.
“A comprehensive and coordinated fraud mitigation strategy focuses on strengthening controls, enhancing fraud detection and fostering cross-sector cooperation,” the report said.
