BANKINGHOW BARBARA LOST MONEY THROUGH PYRAMID SCHEME

“I IN ASthis GOT edition, a lot we of friends contin- ue into journey trouble because through the 2020 my friends Code of believed Ethics and in Banking me. I was practice, showing with proof a specific that I got focus this on money, Bank and Cheques. I got this money.

we draw towards the end of our series from the 2020 Code of Ethics and Banking Practice, we continue with our topic on cheques-as a payment instrument. Issuance of Cheques

As a cheque book account

Now, By definition, holder, I had you are a advised friend Cheque not who re- had fers to joined to a issue negotiable in a instrument week into

a cheque or payment that contains instruction an on an uncondition- insufficiently it, and funded she account. had When invested you issue al order to the bank to pay a

KSh100,000(Kenyan or cause to be issued Shilling, a cheque certain on sum an insufficiently mentioned funded in the and instrument, another from one the it drawer’s was

account you are liable for criminal facility granted to the customer and customer for collection or clearing in safe places to avoid theft of KSh20,000). account, proceedings to the That person under KSh100,000 the to whom National submit such plays a customer’s an integral name role to in the de- and Exchange Commission. is lost or damaged, the customer The Association eventually cheque leaves replace many ‘tradi-

also works to ensure that the bank- she Payments borrowed Systems from Act her No. hus1 of 2007. as your agent only. This and any ly returned, your bank is enti- it is had issued, or to the order of the velopment the Credit Reference of commerce Agency. and In industry in BAZ is a mouthpiece of the banking will have sector to approach and is the ing issuer industry of views are • Report put forward the loss when of your government cheque

Section 33(1) of the 2007 National other addition, responsibilities the bank reserves are the pre- right tled to debit your account, or the cheque or instrument to stop the tional’ book bank to the crimes bank immediately as it tran- you band’s specified business. Payments person Systems It or was the Act, bearer. such states a as any economic dispensation. In this regard, mandated to address various matters of common in- determines policy or legislation. Many areas of law and

scribed to close by law. such a customer’s account collect the amount due from payment (if it has not already been scends notice time it is missing and physical prox- mess. When But follows a for customer me, the opens more the an banks play an important role in the creation of new dustry interest through lobbying, advocacy and poli- including international law impact upon the interests

b). and The take bank other on steps whom as provided the for in you if your account has been paid out) and issue a replacement imity • When due writing to its on virtual the cheque, nature. do number account of with people cheque I had access, added capital week. (or the applicable capital more formation) terms you have, and in conditions. a country course and thus after cy we influence. had ‘spread The Association the would aims cheque at state facilitating or instrument. that the If system the of commercial customer was banks only not in found Zambia. leave blank out or that open the spaces system on

Any person who wilfully, cheques are drawn acts as the closed. This applies irrespective In addition, the convenience onto and on the request, group, the was bank gaining will help more the The it economic doubles-that bank may growth offer such process. is the a customer esThe banking gospel’ sys- about industrial this and ‘investment innovation growth down provides of the and sector, the being bank as worked well with relevant For on, details example, and was issues the down of payee micro on and and Friday amount fiscal and policies lines others and dishonestly I or with intent to fact that the bank may and

Paying alternative Bank and (Drawee appropriate Bank). products of the 2. The bank will not pay over • anonymity Always draw two of lines the across internet tem sence facilitates of a Ponzi the intermediation scheme. As for of internal scheme’, and but as building she asked and that sustaining we good-will that of the and drawer system public of the would con- ‘lost’ be cheque financial back sector as reform on Saturday, affect the but trading apparently, environment the quite provide a lot, the defraud that customer I issues was getting with a cheque gen- reon an The responsibilities of the Pay-

and services which do not require a have, at the its counter discretion, to a customer given the you the bank may assist to arrange a make all cancelled it easy cheques for criminals or simply to turns. eral descriptive Now, insufficiently when information it collapsed, funded account on; I or me, I chequebook. would instead come back international trade. fidence information of the in the cheque commercial a secret issued banking soon replacement sector. as the One upgrade of the of the cheque. works for banks were in Zambia system destroy and had the them Association actually been consults down its

ing Bank are also prescribed by keep value that or proceeds allowed you to draw perpetrate these crimes. These causes to be issued a cheque with The a history fresh When amount the of bank the needs banking every to week, inform sector its in Zambia remember from against her by this father, another ways cheque. this customer who mandate by the of the is way, same realised complete. is through engagement By afternoon, members the App to form digital from industry • Always Thursday attacks position record include the evening! on amount many unau- such drawn So, is- I to it be was drawn on on a that Friday… account law. dates as customer far other people that one of left their in cheques their back as 1906, when the first commercial bank. with In warned order to them protect about the only critical Government agencies Stopping still down, of Payment and unfortunateInstructions and ministries as sues. With the active on checked cheque folio on Friday, because

participation of the member we used The to time and get which generally our cheque cash-out taken when noit is but c). the When you deposit had f). already Cheques was access

other items a are thorised a cheque to devices, until bank-Standard has been Chartered returned or Bank was established, with interests well of as the payable/drawn other bank, critical customers stakeholders in Normally, the Zambian once econ- a customer banks, has the Bankers Association • Never endorse of Zambia works to fos- tifications for clearing presented via a mobile a for cheque; payments App, and is money. cheque unpaid, We drawn were the bank able from will to do monitor another so within such abroad schemes-he

are are advised subject to warned deposit to different us such that ly for issued me, payment that was instructions the week to that identity that you was are theft the ready and day to cash I online would or deposit bank norHow dishonoured, and when a commits cheque an offence it our first investments branch a reasonable opened timeframe, on in Kalomo our mobile with District an of Southern cheques omy. into their own account ter an environment in which financial services are val- we would bank, your bank will give you the laws scheme or rules. would However, collapse, where but I was their bank, feeling it is gullible-I expected that had such not information mally it. The cash-out. information theft. By can Even be altered time more if it

and cash-out is liable from on conviction either to Province. a In the last 114 years may be stopped; assurance of ultimate confidentiality of the existence and oper- a transaction will not be stopped ued and can prosper. lost In or communicating stolen. the industry’s a bank fine not mobile exceeding payments one hundred phones value of using this the deposit mobile to App. your we such never cheques listened. are returned In fact, my in cashed out my money from concerning, was Sunday, is the its website potential was to no How or a cheque may be ation of and the commercial privacy. banking sector in Zambia, the 3. Cheques HOW payable WE WORK to juristic or cancelled. However, in views, cases the Association • Check works your with bank Government, statements the

thousand penalty units or agent made every imprisonment out week. to reduce I was for a one the term of not country Now, account the currently At the as people customer’s per has 18 who Zambia registered specific lost Elec- were request, commercial cousin accordance banks. said, person(s) “I with The am shall Bankers going the only rules be to Association credited make ap- to of previous Zambia of warranting works week’s circumstances, with investment, its regulators, the so other infiltrate longer industry often available- associations, for networks, any suspicious that the resulting community, was when in

tronic the who Clearing bank were will be House able continuously to (ZECH) provide images money plying in a and named the surprise country juristic person(s) where him”. She account the my customer money may was stop or cancel there, such but mass it hit transactions data home breaches. that on your we had account lost our the lucky those Taking into account the critical role played by the members to provide analysis, advice and advocacy and still community groups and the media. risk of exceeding ones, unauthorised every two years, Friday, alter- or both.” I of cheques

Currency issued by the Clearing customer transactions. • Ensure there is segregation of sector thinking or Foreign they cheque in her is drawn, KSh600,000 your bank knowis would in (could the provision be at were a fee of to saving. banking be decided services So, by put to all sec- contributes to the development not of In much. such public cases, However, policy the on bank I am will Some one process of the initiatives money. accounts that There responsibilities the Bankers was a Association lady and/ who ation; cash-out. I never left my Lost or to Damaged debit your Payment account,

When a cheque is issued and is House would (FCCR) find rules. someone At its sole has entitled that the money would double TIPS - MOBILE DEVICES AND money tors you of the economy bank), and the provide existing the banks original in the ing country Instruments banking and other financial services. those the stop people or cancelled who gained payment of Zambia quite a is working had or invested on duties in collaboration especially a loan she preparing with obtained the Bank of The there subsequently dishonour to roll-over. returned of unpaid There for discretion, the may deter- the due from TABLETS

cheques the bank customer issued or collect All banks (locally amount internationally) payments and reconciliations realised had their the money importance in there of establishing for two , but an the or umbrella triple, after The all, Bankers and the wedding Association of lot Zambia instructions from works the immediately to scheme, ensure but upon of Zambia I receipt know and other from key a stakeholders financial include institution the fol- are people cheques, lack of who funds, including used the bank to leave will submit it mine provision if funds of may the original be accessed cheque issued you work if your on the account principle that is if closed. a customer of the instructions and take appropriate DEVICE • Always AND verify SOFTWARE that the cheque there to post-dated such re-invest, a customer’s and but stale for name me, to my the body months that would and has effectively never represent cashed the interests was due of in that four the months. banking So, system we can a continue lot of to people deliver who the lost. lowing: That - amounting to KSh2.2 million.

may the not value always date be feasible. and be- hands applies over irrespective a cheque to them of for the action provided the cheque(s) or other MANAGEMENT has cleared with the bank before Credit Reference Agency. Where the before This

sector. If within in the a reasonable habit of cashing period after collection/ benefits clearing, of they competition we act were as the all to Zambian native Friday instruments banking method the like system custom- Direct for Debit was obtaining or down, RTGS I releasing lost a lot goods of friends you have because sold greediness cheques; customer helped persistently me. I (three would times out. fore I the was bank receives the value. were fact that here the thinking bank may have, at · Secure your smartphone by It was the against a weekly this basis. background It came that in going 2008, agent the to to make ers. collect money. the finds from and the we down, of this, a lot of broken relationentry has been made, there is a and other from the -Promoting been shared digital payments channels through

have drawer system not already of was cheque. cash-out The within and implications 12 put months) it in issues of another issu- cheques out However, on should the bank not funds Saturday,

Bankers dispute Association with the of bank Zambia about (BAZ) a cheque was its formal- discretion, cheque issuer’s given bank. you As such, value and processed. As enabling always, be the sure lock to join screen us next and account. ing which But a cheque as some subsequently people which is would returned sub- to receive a point paid the from whereby, value a customer’s for one any account, of rea- my the wake or allowed given up the this you complexities particular to draw of a against Friday cheque For and example, then it began you may to hit wish us-peothe ships, week security as because we finalise function, they on the blamed be 2020 it a Code pat- me. unpaid for lack of funds, after ly registered. Prior to the establishment of BAZ, the

bank bank took will provide reserves money the image saved the right of up the morning the cheque. clearing and system, the the App bank was cannot not person ple Fraud began paying Prevention making you Tips frantic to instruct calls, We of tern Ethics are password and just Banking beginning or Practice. fingerprint to rekinleave their sequently investments dishonoured; with the relatives son, the exhausting the permissible occasions Association cheque as proof of the instruction to accept responsibility for the loss, or Cheque

operated informally with the chairing

g). It is inevitable that their trying bank to Security establish to transfer Tips what the mon- could dle screen our broken lock. ties. hopes and that of returning it would cheques double as prescribed or for to by reverse their wedding the credit and and invested where bank in pay. a particular year, offering all related working! secre- Of course, the support

theft of the cheque in the system. • Never sign blank cheques or Please share your comments and The the importance Regulators (The of Central safe- Bank), it the appropriate, into this scheme. adjust That associated was of ey have directly, happened. by electronic Most means people · triple when traded the following tarial services, as well as coordinating all activities system cheques Consequently, of (customer if payable/drawn a cheque service or other line) pre-sign cheques thoughts Where Lesson with possible, Learnt: us via Email: do Even not Mirriam. when save guarding bank will, the withdraw cheque the cheque-book as a interest Encashment thereon. of A Third-Party charge Cheques for abroad payment take instrument longer deposited to clear, by in the into you • Always account. keep cheque books

the membership. The Association’s role has overtime Zimba@baz.co.zm any sensitive personal in- payment instrument. evolved processing to include unpaid the promotion cheque(s) of efficiencies, some cases in- cheques may be re- Fraud Prevention Tips formation or bank account

you rity own measures friends and by “rooting” family ask

the National Financial Switch

you your to device. invest in a particular -Developing scheme, Only download still accessible carryout and mobile affordable your apps own financial ucts due from and diligence, services secured to because support and when the trusted National that Inclusion money sources. Strategy goes, no one will give it

back Read to you…due the access diligence require- is ev

-Promotion erything”. ments of before Financial The you above Literacy accept story programs the was groups picked software from installation a narration made (an-

droid permissions) of new

by one of the Radio Presenters in

-Fraud apps. Prevention and Security awareness

Kenya, and I am sure a lot more

Install mobile security and people antivirus even here software in Zambia from can a

-Leadership in the development of policy and

relate trusted to similar security schemes-in vendor. this

tion. day Disable and age, the it “Sharing” is either you func- have

HOW been tion WE a on victim ARE your GOVERNED mobile or near device victim if of such. The not Bankers needed. There are Association a lot of organisaof Zambia is

· tions Enable that are the posing settings as Pyramid to re-

through a committee of Chief Executive commercial or motely Ponzi banks schemes, locate which and meets restore the monthly momatters ment factory affecting they are defaults the flagged, banking on there sector. your may The affairs Association be electronic need are for coordinated devices. a deliberate through policy the

· who action Keep report to your the stop Executive mobile these companies committee. device The Committee from and antivirus simply is elected re-branding every software year at up the and to Annual Meeting date and with is made the up latest of: security

continue their operations. This is

The patches. Chairperson, Deputy Chairperson,

· Encrypt the data on your de-

Executive because member they re-brand and the BAZ and CEO come who is back The Bankers with a Association similar product of Zambia unSecretariat

vice where possible.

· On currently der a a different secure PC, company log into name. your

led by Chief Executive Officer who ed by email But, the Public not and until then check then, if Let any us

Relations & Administrative and Keep of a Research the Our settings Guard and Communications On have been Officer.

The changed As Chief always, Executive by a your hacker. Officer feedback with If any support is

management team, play a crucial role in fulfilling

highly of the valuable, settings have and this been platal-

BAZ’s responsibility to improve public awareness

form tered, offers delete an these opportunity new set- for

understanding of the industry’s contribution

further tings. engagement with mem

country’s economy and communities, with

· bers Once of you the have public changed on matters the

emphasis on consultation with stakeholders.

relating Having settings, discussed to Commercial create in brief a new the Banking. pass- background please Please word, look share out and for add your a two your feedback series second- column with on lating us ary via e-mail E-mail: account Mirriam.Zimba@ as your

to individual financial awareness as the

alternative address joins baz.co.zm the rest of the world in commemorating Financial As Literacy Week.