First Capital Bank has reiterated the need for digital space users in the country to be aggressive in devising ways of countering the rising cases of digital fraud.
The bank has since warned customers to remain cautious on cyber security as cases of fraud through digital platforms are rampant.
FCB Head of Risk Prince Banda said cyber security remains a key thing in the digital age, hence the need for firms and individual customers to remain aggressing.
He urged customers to avoid sharing confidential details about their accounts.
“The first red flag-fraudsters will claim they need to authorise or complete a transaction by using the one-time PIN (OTP) that is sent to your phone or email in the case of a transaction, or information update.
“An example is, stating that they are updating the account under KYC and also enhancing security features and to complete the process they need the customer to confirm the PIN/OTP they have received,” he said.
Digital fraud has become an issue of growing concern since the introduction of mobile and online payments in the country.
However, recently, the Malawi Communications Regulatory Authority bemoaned that the public is not reporting fraud cases, saying that only 200 people have reported that they were duped through mobile money fraud since the introduction of Sim registration.