- 207 financial scam cases, P10.42 million losses recorded since 2024
Bank of Botswana (BoB) has expressed concern at the prevalence and spiraling number of financial scams over the past 18 months. This as since 2024 to date Botswana has recorded 207 financial scam cases with losses amounting to P10.42 million.
“In 2024, the Botswana Police Services (BPS) reported a total of 175 cases of fraudulent transactions, amounting to P8.16 million in losses. As of mid-2025, there have been 32 new cases documented, resulting in additional losses of P2.26 million,” indicated Dr Seamogano Mosanako, BoB head of Communication and Information services in a statement.
According to Mosanako, recent investigations indicate that a significant number of crimes are linked to customers being deceived into divulging personal account information that fraudsters use to illegally withdraw money from their bank accounts.
BoB has since cautioned members of the public about the increasing prevalence of financial scams, particularly those involving fraudulent financial activities conducted through mobile networks, mobile money services, and other accessible commercial banking platforms.
“The impact of these crimes has been particularly notable among vulnerable populations, notably the elderly and the young, with pensioners and high-net-worth individuals being targeted.”
The Bank notes that the banking and mobile platforms designed to improve customer convenience also pose vulnerabilities. “For instance, self-service banking platforms and related applications are easily identifiable on mobile devices such as mobile phones, laptops and tablets. These platforms and devices have been exploited by fraudsters, who often gain unauthorised access to customer accounts, sometimes with the owner’s consent or consent under duress”, pointed out the spokesperson.
Recent investigations by law enforcement agencies indicate that a significant number of these financial scams are linked to customers being deceived into divulging personal account information that fraudsters use to illegally withdraw money from customer’s bank accounts.
Bank of Botswana therefore warns the public to be vigilant when utilising with mobile and online banking platforms, including taking calls from people purporting to be representatives of banks, or certain shops and companies claiming to run competitions where people are said to have won prizes.
“The public is advised that winners are never asked to pay a fee to receive a prize, and should not disclose their account details without conducting due diligence. The safest action is to desist from providing account information to individuals you do not know or are not in contact with in person.”
