Travel the world, indemnify the bankBank Windhoek yesterday reminded clients to keep in mind different rules that apply to banking whenever they travel to countries outside of the Common Monetary Area (CMA).
The Bank of Namibia prohibits anyone relocating to a country outside of the CMA from making use of internet banking services to transfer money to other beneficiaries.
This regulation, says Bank Windhoek executive officer for banking services Chris Matthee, necessitates clients abroad to personally instruct their bank to make transfers on their behalf – a matter which has resulted in increased instances of fraud.
“For reasons of practicality and cost, Bank Windhoek clients often opt to send instructions to the bank via email or fax,” Mathee says.
“However, due to fraud as a result of personal email accounts being hacked or signatures forged on facsimiles sent to Bank Windhoek, clients are required to indemnify the bank against any potential damages that the client may suffer as a result of the bank acting on instructions that were fraudulently issued.”
While such indemnity would legally exempt the bank from liability in case of fraud, Matthee says the bank will still verify and confirm its authenticity, contacting individual clients or senior officials in case of corporate clients.
“Clients should however note that this may lead to further costs for them,” he says.
“Any client can give instructions to the branch without visiting the branch, but it is advisable to rather use channels such as internet banking, cellphone banking or the Bank Windhoek App, that will lower risk,” he says.
Finally, prior to actually moving or visiting countries outside the CMA, Mathee says clients should ensure they have access to the email address they provided the bank via the indemnity form completed.
The bank, he says, will not act on instructions sent via email or facsimile, unless an indemnity has been signed and provided to it.
“This measure is to protect our clients and keep their investments safe,” he says.
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