IMANUEL HAWANGA
Most scams can be prevented if you stop, verify, and think before you act.
In October 2025, a video circulated on social media showing President Nandi-Ndaitwah promoting an investment scheme. The video was fake and AI-generated. If fraudsters can fake the Head of State, they can impersonate anyone.
Social media and AI have become powerful tools for scammers. Impersonation is already costing Namibians.
In 2025, Namibians lost N$73.9 million to payment fraud, a N$19 million increase from 2024, roughly N$6 million every month.
According to the Bank of Namibia, the main contributing factor was “vishing and phishing schemes, in which fraudsters impersonate legitimate institutions to deceive individuals into disclosing sensitive information such as usernames and passwords”.
Scammers typically use spoofed websites, fraudulent emails, text messages, and phone calls that appear authentic.
Under the Namibia Financial Sector Transformation Strategy 2025–2035, Namfisa, the Bank of Namibia and the government aim to grow the number of registered investors by 70% and bring more young people, women and small businesses into the capital market.
As more first-time investors enter the market, often through their phones, fraudsters see new targets.
That is why, as the strategy puts it, “consumer protection and financial literacy form the protective foundation upon which all other initiatives rest.”
The cases above are not isolated. Scammers use three main tactics:
Impersonation: Fraudsters use the faces and voices of celebrities, politicians, and trusted institutions to promote fake investment schemes. Beyond the President and Standard Bank, scammers have also impersonated the Bank of Namibia and government agencies. AI has made these fakes more common, more convincing, and harder to detect.
Fake platforms: Polished websites and apps copy legitimate investment platforms and news outlets, complete with familiar logos, to make a scheme look real.
Direct contact: Scammers also come straight to you through WhatsApp groups, SMS and personal messages.
Different methods, same goal: to rob you of your hard-earned money.
So, when you come across any material online or in your inbox, how can you be sure it’s legitimate?
Protect yourself
Stop: Don’t give personal information or act on investment advice you have come across on social media, including in messaging app groups. Don’t feel pressured to invest. If you have any doubts, stop communicating with the person or group.
Verify: Ask yourself: do you really know what you are investing in?
Report: Act quickly if something feels wrong, and report scams to Namfisa and the Namibian Police to help protect others.
Been scammed? Here’s what to do
If you suspect you’ve been scammed, stop all payments, contact your bank immediately, and report the matter to Namfisa through its online complaints form or at complaintsdept@namfisa.com.na.
*Imanuel Hawanga is the general manager of Capital Markets at Namfisa
