As if the 2026 International Fraud Awareness campaign needed any stimulus, it has emerged that the Eswatini banking industry has suffered an aggregate financial loss amounting to just over E31 million in a period of twelve months.
Eswatini Banking Association (EBA) Chairperson Fikile Nkosi, addressing members of the media during the International Fraud Awareness Month launch at Police headquarters on Tuesday morning, said during the period 1 November 2025 to 31 October 2026, the banking industry recorded 1,392 reported fraud cases, resulting in aggregate financial losses amounting to just over E31 million (E31,008,204.51) from E6.5 million recorded the previous year.
“This is the highest annual fraud loss figure recorded by the banking industry in the past 10 years. The 2026 figure represents an astounding increase of approximately 371% compared with 2025 and is almost five times the losses recorded in that year. It is also approximately four times the 2024 figure and more than six times the 2023 figure,” Nkosi said.
Nkosi added: “The scale of the challenge is also reflected in global findings. According to the Association of Certified Fraud Examiners (ACFE), organisations are estimated to lose approximately 5% of their annual revenue to fraud each year. This is a significant reminder that fraud is not merely an isolated operational incident, but a recurring financial risk that can materially affect organisational sustainability,”.
Nkosi said the theme for the 2026 International Fraud Awareness Month campaign is “TIVIKELE – Stay Safe Online. Think Before You Click. Verify Before You Trust.”
“Digital banking has transformed how we transact, communicate and access financial services.
Transactions that once required a visit to a branch can now be completed within seconds, from virtually anywhere. Alongside this convenience and broader access, criminals are finding new ways to exploit technology and trust.
While this transformation has created tremendous opportunities for convenience, financial inclusion and economic growth, it has also opened new avenues for criminals to exploit technology, human behaviour and trust,” she said.
Nkosi said fraud crosses borders and affects institutions, businesses and individuals and criminals use impersonation, compromised identities, fraudulent online platforms and social engineering – deceiving people into sharing information or authorising payments, to make their schemes convincing.
“Our response must therefore be equally innovative, collaborative and proactive. I acknowledge our partners in the fight against financial crime: the Royal Eswatini Police Service, the Central Bank of Eswatini, Eswatini Financial Intelligence Centre, Anti-Corruption Commission, Eswatini Communications Commission and our mobile network operators – MTN and Eswatini Mobile. We also acknowledge the commitment of our member banks and the continued work of the Fraud Liaison Committee in facilitating collaboration, sharing intelligence and strengthening the industry’s collective response to fraud,” she said.
Nkosi added: “The fight against financial crime is not a responsibility that can be discharged by banks alone. It is a collective national effort that depends on strong partnerships, timely information exchange, coordinated investigations and an informed public.
To the media, we recognise your role in taking clear, practical fraud prevention messages to individuals, businesses and communities across Eswatini,”
