#MondayBlues: Local Banks hacked a total 72 times due to negligence towards CyberCrime in Zim

If you have a reason for being angry with your local bank right now, then it has something to do with the current cash shortages. However, the most dooming revelation is that despite these banks and their Governor who think we are all fools on bond notes, your deposits are not safe after all..!!

By Bee Sting 

#MondayBlues is in possession of a very authentic document from the Reserve Bank of Zimbabwe (RBZ) where the governing body has recorded 72 cases of hacking activities in the local banking sector. What boggles the mind is that these local banks continue to shy away from the reality of CyberCrime hence leaving the depositors at risk of losing all their hard earned savings.

Zimbabwe currently has Steward Bank, Standard Chartered, FBC, CBZ, CABS, POSB, Stanbic, BancABC and Ecobank as its top 9 performing banks. Despite these banks trying all their mighty best to survive the tough economic conditions, they have not invested much into Internet Security Systems and other tools to fight CyberCrime.

Soon after the CyberSecurity workshop hosted by POTRAZ last month, RBZ released one of its confidential documents to us stating that Zimbabwe has not been spared on CyberCrime like the rest of the global business community. However, other international banks across our borders have since started to invest heavily in information security systems to safeguard their depositors earnings, but our local banks do not even listen when regulators like POTRAZ calls for a conglomerate approach to counter cybercrime in the country.

According to the Zimbabwe Republic Police, the most common types of cybercrime in Zimbabwe are phishing – which is the theft of information through email, credit card fraud – through cloning (duplicating) of cards, identity theft, unauthorized access and hacking.

Tabulated below is a summary of the different types of cybercrime that were experienced in Zimbabwe’s local banking sector, during the period 2011 to date:

The above table shows the types of CyberCrimes that have been recorded in Zimbabwe from 2011 t o present.

The above table shows the types of CyberCrimes that have been recorded in Zimbabwe from 2011 t o present.   

What irritates the most is that some of these banks have unfair disclaimers on their e-banking platforms such direct Internet banking on their websites, mobile apps and other e-transaction platforms. One of those l have came across read ‘The bank we not be held liable for any loss of funds during online transfers’. So who’s obligation is it to ensure an account holder is safe when performing transactions on e-banking platforms??

Maybe we have complete idiots running those banks who think we are fools. Maybe its time people backslide on trusting banks with their funds when those banks do not return the trust. We need utmost good faith to exist between bankers and their depositors for this country to reclaim the lost glory.

Stay tuned!! #MondayBlues will continue to unearth it all for you!! 

                                                                                                                                                                                

 

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