Staff Writer
Standard Bank Namibia has warned the public to be vigilant against a rise in investment scams and online marketplace fraud, saying criminals are using increasingly sophisticated tactics to trick consumers into transferring money under false pretences.
The bank said the growing use of digital transactions and online interactions has created more opportunities for fraudsters to exploit trust, urgency and promises of financial gain to manipulate victims into making payments without verifying the legitimacy of offers.
Standard Bank Namibia’s manager of fraud risk, Colane Esterhuizen-Andreas, said scammers are targeting people across all demographics by presenting convincing investment opportunities or heavily discounted products.
She said consumers should carefully verify the legitimacy of investment opportunities, online sellers and financial advisers before making any payments, adding that staying informed remains one of the most effective ways to prevent fraud.
According to the bank, investment scams typically promise guaranteed, exceptionally high or risk-free returns.
Fraudsters often impersonate investment experts, financial advisers or representatives of legitimate investment platforms and pressure victims to invest quickly. In some cases, victims are later asked to make additional payments to unlock profits or process withdrawals.
The bank also highlighted online marketplace scams, where fraudsters advertise products at prices significantly below market value to attract buyers.
Victims are frequently required to pay upfront before goods can be inspected or delivered, only to discover that the products do not exist after payment has been made.
Esterhuizen-Andreas said creating a false sense of urgency remains one of the most common tactics used by scammers, encouraging consumers to take time to research investment opportunities, verify sellers and avoid making payments under pressure or for fear of missing out on deals.
Standard Bank Namibia urged consumers to report suspicious activity to the relevant authorities and to independently verify information before transferring funds.
The bank also advised consumers to be cautious of offers promising guaranteed or unusually high returns, verify the credentials of investment platforms and advisers, avoid paying fees to access their own funds or profits, inspect goods before payment where possible, use secure payment methods and trust their instincts when an offer appears suspicious.
Standard Bank Namibia reiterated that offers which appear too good to be true are often fraudulent and urged consumers to remain vigilant to avoid financial losses.
