First National Bank Namibia has noted with regret the rising instances of people being swindled out of their funds while under threat of violence from criminals.

The bank issued a statement after local media last week reported a 60-year-old pensioner was robbed of more than N$1 million from her FNB account. 

“Where such criminal incidents are reported, FNB undertakes rigorous investigation, partnering with law-enforcement to ensure any information relative to these crimes is shared with investigators immediately. At FNB, we are committed to ensuring the highest level of security for your accounts internally. As part of our ongoing efforts to protect your financial information and your funds, we continuously enhance security protocols designed to safeguard your money,” read an FNB  statement issued on Sunday. 

The statement by FNB spokesperson Kirsty Watermeyer said some of the key safeguards the bank has in place include a two-factor authentication. This means that for all online banking activities, including account access and transactions, FNB requires two-factor authentication, which adds an extra layer of protection against unauthorised access.

Another safeguard is encryption, as the bank deploys the latest technologies to protect all data transmitted between customers and its systems, ensuring sensitive information remains confidential. “This means there is no way transactions you initiate can be seen by anyone, even by people in the bank, until the transaction is complete,” FNB stated. 

Additional safeguards include fraud detection systems that continuously monitor accounts for any suspicious activity, helping to prevent unauthorised transactions, as well as security updates to defend against emerging threats, and to keep customers’ money safe, 

“Our own forensic team of investigators and analysts focus their full energy on helping law-enforcement with information and resources to assist in arrests and convictions,” Watermeyer added. 

Meanwhile, FNB has reminded its customers to use strong, unique passwords for their online banking access, and be cautious of scams or unsolicited communication that may appear to be from the bank.

“However, to minimise incidents such as being forced or coerced to share passwords or OTPs, or forced to make withdrawals or payments due to threat of violence, customers are strongly encouraged to reduce their daily ATM withdrawal and payment limits so that if they are threatened by criminals, high amounts cannot be accessed,” Watermeyer stated.