Times Of Swaziland: FRAUD CASES: E398M  STOLEN; 5 ARRESTED

FRAUD CASES: E398M  STOLEN; 5 ARRESTED
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Nolwazi Bongwe and Sebentile Shongwe on 15/11/2024 08:50:00


MBABANE – A staggering E398 799 405.49 in losses due to fraud has been
reported in the country.
This alarming figure was revealed by the National Commissioner (NATCOM) of
Police, Vusi Manoma Masango, during the launch of the 2024 Fraud Awareness
Campaign, held at the Royal Villas yesterday. The commissioner highlighted that
the fraudulent activities were reported between November 2023 and October 2024.
Despite the significant losses, there is a glimmer of hope as law enforcement
has made progress in addressing this issue. A total of five suspects have been
arrested in connection with five successfully investigated cases.
The banking industry has also been affected by these fraudulent schemes. Nine
cases reported by banks resulted in losses exceeding E7 million.
Combat
As authorities continue in their efforts to combat fraud and protect the public,
it is crucial for individuals and businesses to remain vigilant and take
necessary precautions to safeguard their financial information. In his speech,
the NATCOM said police participation in such initiatives is partial fulfilment
of their mandatory obligations, as frontliners/first responders in crime
prevention and crime detection. “This campaign presents the perfect
opportunity for all sectors involved in the fight against fraud and its
underlying effects.” said the NATCOM.
He lauded the Eswatini Bankers Association and all stakeholders who were present
for their resolve and commitment to conducting anti-fraud awareness and
education to help reduce the impact of the phenomenon in the country.  “We
have seen the practical strategies and intentions that have been employed
through cooperation and collaboration with various stakeholders. The dynamic
nature and rapid advancement in technology and mass migration to digital
platforms of communication have resulted in the fraud phenomenon assuming a much
more complex dimension that cannot be comprehensively dealt with by regular law
enforcement agencies alone”, said Masango.
He pointed out that this, therefore, calls for integrated approaches, strategies
and collective responses from various stakeholders to effectively counteract
and/or combat emerging fraudulent crime trends.  According to the NATCOM, it is
now evident and most advisable that stakeholders pool their resources, create
platforms/form alliances to share information and promote public awareness with
the aim of eradicating all forms of fraud from grassroots level. “At the
moment, the public may be advised also to be vigilant and on the lookout for
other cyber-related fraud scams that are being perpetrated in the country. The
highest form being investment fraud, whereby there was a total loss of E231 220
000. The second form is commercial fraud, which had over E58 million lost by
companies and organisations,” said the NATCOM.