The threat to financial institutions and role player is under global threat. Statistics on incidents of ATM and card fraud seem to indicate an upswing in the number of fraud cases perpetrated using electronic technology (including software attacks). In order for financial institutions to prepare themselves against these attacks, it is imperative that they be equipped to face the onslaught of these threats.

In the developed countries, ATM and Card fraud is prevalent to the extent that millions of dollars are stolen every year by very well organised syndicates. And this is in countries that have the most up to date technologies to curb the threat. Thus it is becoming increasingly difficult for them to operate in this technologically savvy environment. It is because of this fact, that their ever watchful eyes have taken their scams and techniques to the softer targets, and Africa is proving a tree ripe for the plucking. With current ATM and card fraud losses at around USD200 million a year in Africa, it has become increasingly evident that there is a definite need for training and education about the techniques employed by these East European and other similar syndicates.

During extensive information and research calls to the financial institutions in Africa, it was discovered that most banks are aware of the problem, indeed, some of them having actually fallen prey to these fraudsters. In essence, most banks are cognisant of the fact that they are being targeted but are still woefully under equipped to deal with the threats they are facing. There are even some institutions that openly deny that the problem exists within their organisations. Naturally, this sort of problem is not one that banks and other financial role players like to admit to but it remains a reality.

Training is thus the only way to inform role players of the problem. Not simply training, but specialised, targeted training that addresses the specific issues that are evident in financial arena. Training that will not only inform, but equip all stakeholders with the necessary effective means and tools to face and deal with the ever increasing threat facing them in the marketplace.

The fraud syndicates are well informed and well organised and target their victims after very diligent research. This means they are most likely to target the institutions that they feel are less equipped to resist their technologies and scams. Consequently, institutions that have not had the opportunity of being trained to counter these threats, in order to effectively secure their assets and those of their clients, as well as to prevent severe financial loss, would have to reconsider the value of effective training in order to equip themselves effectively.  

To this end Perficio Prosperitashave strategically partnered with DFR Risk Management in the United Kingdom to address these very issues at a soon to be presentedworkshop in Nairobi, Kenya.

Sean Kedian

Training Manager

Perficio Prosperitas Training Institute