Citizens of Eswatini have lost approximately E5 million to online scams, including business email compromise, investment fraud, and online shopping schemes. Authorities urge vigilance and verification to combat rising fraud cases.
Citizens of Eswatini have fallen victim to online scams, losing approximately E5 million through various fraudulent activities, including online shopping, investment schemes, and business email compromises, according to the Royal Eswatini Police Service (REPS).
Over the past year, 121 fraud cases have been reported, with a total loss amounting to E4,586,647. Alarmingly, nearly half of this sum was lost through business email compromise fraud. This sophisticated scam involves criminals deceiving senior executives or budget holders into transferring funds to fraudulent accounts.
Senior Superintendent Nicholas Jele of the REPS Fraud Unit shed light on the methods used by these fraudsters. “Businesses often receive calls or emails from fraudsters informing them of a supposed change in bank account details. The company then transfers funds to the new account, only to later discover that the money has been diverted,” he explained. The criminals target companies that make significant payments, especially those purchasing goods from overseas.
Jele advised businesses to verify any requests for changes in banking details with the vendor directly before making any transfers. “It’s uncommon for companies to change their bank accounts suddenly. Always verify before making any payments,” he urged.
Online investment fraud is the second highest category of reported scams, resulting in losses of E921,152.93 over seven months. Victims are often lured by promises of high returns on investments. Jele described a common scenario where a middleman asks victims to hand over their money for investment, only for the middleman to disappear with the funds. “Even if the investment platform is legitimate, the victims end up losing their money,” he noted.
Online shopping fraud has also surged, with 24 cases reported, resulting in losses of E570,145. Scammers often advertise products on social media platforms like Facebook, enticing buyers with attractive offers. Once the buyer shows interest, the fraudster provides account details for payment, but the product never arrives. “Once the money is deposited, it’s almost impossible to recover it. Always verify the authenticity of the seller before making any purchases,” Jele warned.
MoMo scams, where fraudsters pose as police officers from the Cybercrime Unit, have also been on the rise. These scammers contact individuals, claiming their accounts have been hacked and offering assistance. They then trick victims into transferring money. Jele emphasized, “No police officer from the Cybercrime Unit would ask for money transfers. If approached in such a manner, report the matter to the police or visit your bank.”
The alarming increase in fraud cases is not a new phenomenon. In 2023, Eswatini reported 602 cases of fraud, resulting in losses close to E700 million, a significant increase from the previous year. The types of fraud included internet fraud, miscellaneous fraud, commercial ATM fraud, and cryptocurrency scams.
The recent arrest of three individuals, Andile Mamba, Masoka Dlamini, and Thabiso Tfwala, highlights the ongoing efforts to combat fraud. The accused, who posed as agents of the Swaziland Building Society, were arrested for theft under false pretenses. They were granted bail by the High Court but must provide sureties amounting to E50,000.
The rise in fraud cases has prompted calls for increased vigilance. Jele emphasized the importance of verifying any financial transactions and being cautious of unsolicited offers. “The elderly, retired citizens, and pensioners are often the main targets. Always verify before investing any money,” he advised.
As the government and law enforcement agencies work to address the growing issue of fraud, it is crucial for citizens to stay informed and cautious. The collective effort of the community and authorities is essential in curbing the rising trend of online scams and protecting the financial well-being of EmaSwati.
