Avoid large cash withdrawals – bankers

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By BUUMBA CHIMBULU
THE Bankers Association of Zambia (BAZ) has warned the public to avoid large cash withdrawals or fall victim to Smash and Grab and Mobile Banking attacks, a trend which has increased in the country.


It is concerning that with developments in the banking sector, some customers still opt to draw high values over counters, get trailed, leave funds in vehicles, and get robbed, says BAZ Fraud Prevention Committee Member, Paul Luo.


Mr Luo expressed concern that in some cases, drawers left parcels in conspicuous places in their vehicles while attending to other pressing matters away from the vehicles.


He emphasised that the remedies were simply that drawers must consider using other payment options that were safer and quicker.


“These are parcels known to contain cash because the intending robbers saw the drawer drawing substantial amounts a short while prior, or in the case of deposits, other employees from the point of dispatch are aware of the value in transit. The outcomes are always the same, damage to vehicles and loss of funds.


“Disappointingly, our collective customers as BAZ, continue falling victim to Smash and Grab and Mobile Banking attacks. We are compelled to return to the topic to improve awareness amongst customers,” he said in an interview.


He guided that where there was absolutely no choice on over counter drawings, delivery should be done either with Police escort or the use of Cash-In-Transit services.


Mr Luo explained that the cost thereto was not comparable with loss of funds, damage to vehicles and consequential costs associated with recovery and investigations.


“If for any reason these options are not feasible, deliveries should be guarded at all times by more than one employee and strictly moved from one secure location to another, either directly from the bank to the business premises or vice versa. Stoppages along the route must not be condoned,” he said.

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