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STANBIC Bank Zimbabwe has taken a proactive intervention to fight fraud and protect clients’ funds. The financial services institution, through its parent company, Standard Bank Group, rolled out an internal fraud prevention programme called FraudStop. Stanbic Bank Zimbabwe’s chief executive, Mr Joshua Tapambgwa, said FraudStop operates throughout all of Standard Bank Group’s 19 African banking operations and is designed to motivate all employees to report fraud regardless of value.
“We have various internal fraud prevention programmes which have significantly reduced the volume of losses across Stanbic Bank and Standard Bank as a group.
“All employees go through training on how to identify and report fraud.
“In addition, we have anonymous whistle-blowing channels that are managed independently by one of the country’s largest audit firms. All this is done in an effort to prevent incidents of fraud,” said Mr Tapambgwa.
Employees who report fraud through the FraudStop Programme are nominated for a monthly prize.
From the monthly prize they automatically qualify for the annual grand draw. In November of each year, the nominees from across Africa travel to South Africa for the grand draw.
This year, a Stanbic Bank Zimbabwe staff member won the annual draw held in South Africa by Standard Bank Group.
There were three Stanbic Bank Zimbabwe staff members in the final draw that was conducted on November 18, 2014.
The draw included several other employees of Standard Bank across Africa.
“Being on the alert to identify, expose and report fraud results in reduced fraud cases.
‘‘It also helps to improve our reputation as a banking brand and our international financial rating.
‘‘The bank takes its role as custodian of customer deposits very seriously, hence these measures to protect those deposits,” said Mr Tapambgwa.
Stanbic Bank’s mantra on fraud is: ‘Crime does not pay, reporting it does’ and the institution is all too aware that fraud has many faces and knows no boundaries.
Mr Tapambgwa said some of the most common types of fraud committed include Card fraud such as card skimming and card cloning; Email hacking, where fraudulent instructions are then sent to banks; Documentation fraud in the application process e.g. using false or forged documents.
He said customers also have a role to play in making sure they keep access to their financial information secure.
“This can include using safe and secure emails, alternatively using electronic channels like Internet Banking, not disclosing passwords to anyone, keeping bank cards safe and not revealing the PIN to anyone, being alert when using cards on ATMs or Point of Sale machines as well as reporting any suspicious account activities to the bank immediately.”
Meanwhile, Standard Bank was named Best Foreign Exchange Provider in Africa for a third successive year for the 2015 Global Finance World’s Best Foreign Exchange Providers Awards.
Online Reporter