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Zimbabweans propensity to make use of digital payments on almost every platform has reportedly opened them up to risk Cybercrime against their person.Cyber Fraud is On The Rise In Zimbabwe, making Customer Security Remain an Essential.
Country Manager Zimbabwe & South Africa WorldRemit, Susan Sitemere said
“As online financial transactions are becoming increasingly popular, many Zimbabweans are adopting the use of mobile wallets and online banking services across the country. While the ease that digital payments offer is unparalleled, making transactions and receiving payments online also comes with the risk of cybercrime.”
To keep Zimbabweans’ hard-earned money safe, WorldRemit continues to put its customers’ security at the core of its business, ensuring they can receive money from the diaspora without worry.
“WorldRemit ensures that international remittances are not just convenient and accessible for our customers, but most importantly, safe and secure amidst rising cases of cyber fraud incidents in Zimbabwe,” said Susan Sitemere, Country Manager, Zimbabwe, and South Africa, WorldRemit.
“We take cyber security very seriously and understand many of the tricks and techniques behind some of the most popular scams.”
WorldRemit collaborates with other industries and companies to share best practices and information in order to better watch over the financial transactions it processes.
“The international remittance space is exposed to several key risks, including money laundering, fraud, terrorism financing, and sexual exploitation, so working with other leading bodies to combat this is essential,” said Susan Sitemere.
“Technology helps us understand and detect the known patterns of suspicious behavior signaling the misuse of a customer account when sending money is the priority,” she said.
The growing trend of cyber risk threats across the country, sees the need for cyber resilience, and securing end-to-endpoints in the financial services ecosystem which cannot be over-emphasized.
Zimbabwe’s upsurge in the use of mobile money, online banking and shopping during the COVID-19 lockdown came with a greater need for cybersecurity. The country experienced an increase in cybercrime and computer-related crime from money-related fraud, card cloning and identity fraud cyber incidents.
Secondly according to the National Risk Assessment (NRA) Report of 2020, cyber risks, mainly through digital financial channels, contributed to an estimated US $900 million of illicit proceeds generated from criminal activity annually in Zimbabwe.
Thirdly to counter cyber-attacks and provide better data protection, the government of Zimbabwe passed the Cyber Security and Data Protection Bill in 2021 which aims to punish the people who misuse and abuse the internet, social media, and communication network. In addition to that, it aims to support the financial digital system of Zimbabwe for better protection and efficiency.
Fourthly to make sure its customers’ money is protected, WorldRemit has taken a proactive stance toward prevention. For instance, the company refuses to work with correspondent partners who lack effective controls for combatting fraud and financial crime and have implemented additional risk-based controls for customers who need to send to destinations where there is an elevated money laundering or terrorism financing risk.
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