Rampant Banking Fraud Epidemic Grips Mauritius: 475 Cases and Counting!

The Bank of Mauritius has reported a concerning increase in fraudulent transactions, with 475 cases recorded in 2022.

The issue is reportedly persisting into 2023, as highlighted by recent Facebook posts detailing significant financial losses experienced by users of MCB’s Juice mobile banking application.

In response, the MCB has urged customers to refrain from sharing their banking details with third parties and verifying online merchants.

The Bank of Mauritius has expressed worry over the growing prevalence of phishing scams, attributing the trend to the rising number of tech-savvy individuals capable of carrying out such fraudulent activities.

According to Defi Media, while banking institutions are implementing stringent security protocols, victims often struggle to recover their lost funds.

The Bank of Mauritius called for proactive risk management by banks and customers’ responsibility in protecting their financial information.

The Central Bank said it regularly issues public warnings and conducts financial literacy sessions to raise awareness about emerging fraudulent practices.

In cases of phishing, victims have been advised to promptly contact their bank and provide evidence of the fraudulent transactions. 

Source: Defi Media