DOUBLE TRAGEDY - FAKING IT BANKING
Plays an integral role in the de- velopment of commerce and industry in any economic dispensation. In this regard, banks play an important role in the creation of new capital (or capital formation) in a country and thus SCAMMERS’ TRICKS TO STEAL YOUR HEAR
The reality of fraud- it happens when least expected and it knows no boundaries
A married woman with a good job and well respected in the community, one day felt bored and decided to spend some time on a dating site.
Firstly, she paid subscription just a small amount using her ATM card and not knowing that this would be a monthly recurring fee. Still exciting to be on the site, BOOM!!! bumped herself into a charming young man.
In no time the woman’s heart was taken and she was free and at peace to share the details about her business, her weekly earnings, her future plans, her identities, gifts shared, funds sent to her accounts. Trust was built.
Alas before she knew it, a transfer of a huge sum of money was done on her account, willingly for a consignment not received to date.
Unknown Online Card transactions were hitting her account, monthly subscriptions, account num- The bers history in foreign of the banking hands, sector lost in Zambia dates connectivity as far back as 1906, to her when Mobile the first commercial bank-Standard Networks, Chartered all accounts Bank was taken established, with it first branch opened in Kalomo District of Southern
over and all her hard-earned
Province. In the last 114 years of the existence and oper-
money gone…WHERE CAN
ation of the commercial banking sector in Zambia, the country currently has 18 registered commercial banks.
Taking into account the critical role played by the sector in the provision of banking services to all sec- tors of the economy the existing banks in the country realised the importance of establishing an umbrella body that Not would everyone effectively using represent online the interests of the dating sector. sites, Facebooks etc.
It was against this background that in 2008, the
is looking for love. Scamquickly. And they haul at your
Bankers Association of Zambia (BAZ) was formal-
mers create fake online proheartstrings with fictious sto
ly registered. Prior to the establishment of BAZ, the
files using photos of other ries, others make up stories
Association operated informally with the chairing
people, even stolen pictures. about how they need money
bank in a particular year, offering all related secre-
They acknowledge their love for emergencies, businesses,
tarial services, as well as coordinating all activities of the membership. The Association’s role has overtime
ONE DRAW THE COURAGE TO SHARE THIS WITH YOUR SPOUSE????
Sound fictitious but reality!
The Association also works to ensure that the bank- ing industry views are put forward when government determines policy or legislation. Many areas of law and including international law impact upon the interests of commercial banks in Zambia.
For example, issues of micro and fiscal policies and financial sector reform affect the trading environment for banks in Zambia and the Association consults its members to form want industry to steal position your on money. many such is- sues. With the active participation of the member
A number of individuals
banks, the Bankers Association of Zambia works to fos-
have fallen victims to this
ter an environment in which financial services are val-
kind of scams and have failed
ued and can prosper. In communicating the industry’s
to explain the HOW, all be
views, the Association works with Government, the
cause the THINGS OF THE
regulators, other industry associations, the community,
INTERNET have become so
community groups and the media.
sophisticated. Here’s how
Some of the initiatives that the Bankers Association
some scammers do it: Set up
of Zambia is working on in collaboration with the Bank
dating profiles to meet poten
of Zambia and other key stakeholders include the fol-
tial victims. After they form
lowing: -
a “relationship,” they come up with reasons to ask their
-Promoting shared digital payments channels through
hospital bills, or travel…how love interest to open a new they can help empower you, bank account. The scammers provide you with sponsortransfer stolen money into ship, employment etc. Why the new account, and then all of the tricks? They simply tell their victims to trans
the fer National the Financial money Switch to them.
Victims think they’re just
-Developing helping accessible out their and soulmate, affordable financial ucts never and services realizing to support they’re the aidNational Inclusion ing and Strategy abetting a crime.
Here are some warning
-Promotion signs that of Financial an online Literacy love programs ingroups terest might be a fake. They
ask you to:
-Fraud Prevention • chat off and of Security the dating awareness
site immediately, using
-Leadership Facebook, in the personal development email, of policy tion. WhatsApp, text, or phone
• Send money using
HOW Western WE ARE Union GOVERNED or
The Bankers • Open Association a new account of Zambia through and send a committee an ATM of card Chief Executive commercial Here’s banks the real which deal: meets Don’t monthly matters send affecting money the banking to somesector. The Association one you are met coordinated online, through for the who any report reason. to the Executive If your committee. online The Committee sweetheart is elected asks every for year money, at the Annual Meeting you can and is expect made up it’s of: a scam.
The Unfortunately, Chairperson, Deputy online Chairperson, Executive dating member scams and are the BAZ all CEO too who
The common. Bankers Association There may of Zambia be Secretariat currently thousands led by Chief of Executive victims, Officer and who ed only by the a Public small Relations fraction & report Administrative and this. a Research and Communications Officer.
The If Chief this Executive has happened Officer with to support management you, please team, report play a crucial it to the role in
BAZ’s regulators responsibility or Law to improve Enforcepublic awareness understanding ment Agencies. of the industry’s If it has contribution country’s not, learn economy from and communities, this and with emphasis don’t on be consultation a victim with of stakeholders. your
Having own Heart discussed and in Money. brief the background please look out for a two series column on lating to individual financial awareness as joins the rest of the world in commemorating Financial Literacy Week.