Regulatory Alerts2013-01-01
CB Circular 18/2013 Debit and Credit Card Fraud Statistics
The Bank of Zambia mandates all commercial banks and designated payment system businesses to submit monthly statistics on debit and credit card frauds. These returns must be filed within six working days following the end of each reporting month, with the first submission due in October 2013 for September data. The directive aims to address growing concerns regarding the extent and nature of recent card-related fraud incidents.
Bank Of Zambia OFFICE OF THE DEPUTY GOVERNOR - OPERATIONS August 29, 2013 CB Circular No: 18/2013 To ALL Commercial Banks and Payment System businesses DEBIT AND CREDIT CARD FRAUD STATISTICS The Bank of Zambia has noted with concern numerous reports on card related frauds in the recent past. The Bank would, therefore, like to get a better understanding of the extent and nature of these card related frauds by obtaining statistics relating to debit and credit card frauds that occur at respective commercial banks. To this end, all commercial banks and Payment Systems businesses designated by the Bank of Zambia will be required to submit monthly returns on card related frauds. The Returns shall be submitted six working days following each month end. Consequently, the first Returns will be due for submission in October 2013 relating to the month of September 2013. Kindly find attached hereto, the format for the return. Bwa ya K. E. Ng'andu (Dr.) DE UTY GOVERNOR - OPERATIONS Bank Square, Cairo Road P.O. Box 30080, Lusaka, Zambia Tel: 260-211-226844,228888 Fax:260-211-237070 E-mail:dgo@boz.zm.Web: http://www.boz.zm