Fraud litters banking landscape in 2009

In recent years, local banks have introduced several measures to curb fraud, including discontinuing the special clearance of cheques and introducing tighter controls on daily withdrawal limits. The Bank of Botswana has also weighed in by placing a P500,000 limit on the value of cheques, with any amount higher requiring the use of the Society for Worldwide Interbank Financial Telecommunications (SWIFT).

However, the introduction of advanced technology and the advent of paperless transactions has aided the growth of fraud, as seen by the banking industry's ombudsman last year.