Overview:
According to Uganda Bankers Association (UBA) Executive Director Wilbrod Owor, most cybercrimes are executed on weekends when vital bank departments are closed.
Commercial banks operating in Uganda have been urged to keep their operations under close watch over the weekends in order to curb the rising financial cyber fraud.
According to Uganda Bankers Association (UBA) Executive Director Wilbrod Owor, most cybercrimes are executed on weekends when vital bank departments are closed.
He also said the legal regime provides light penalties to cyber criminals, suggesting that the laws should be amended to make fraud as costly to the perpetrators as possible.
He was speaking at the Financial Fraud Forum organised by Stanbic Bank Uganda in association with Police and the Judiciary held on Thursday in Kampala.
According to Owor, cyber, electronic or digital fraud accounts for 31.9 percent of the crimes, while loan-related fraud constitutes 25.7 percent. These include forging loan request letters, over valuation of collateral and impersonation when applying for a loan.
The other category is impersonation, identity theft, forgery and cash suppression, which accounts for 42.4 percent.
Owor also urged account holders, of both bank and mobile money amounts, to be more vigilant regarding their personal details, adding that many fraudsters target illiterate and poor people to surrender their bio data, which is then used to steal money.
The Chief Executive Officer Stanbic Bank Anne Juuko also said the public must get as much information as possible because they are the first line of defense against fraud.
Internal fraud or fraud aided by the staff of an organisation has also been suspected for long, while some have been prosecuted or dismissed for involvement in illegal practices.
The Chairman Board of Directors at Stanbic, Damoni Kitabire challenged bank managers to mind the work of the people they employ but also continue pressing on with the digital revolution to stay ahead of the fraudsters.
Commissioner of Police Yusuf Ssewanyana, the Deputy Director Information Communication Technology says they use existing laws like the Computer Misuse Act and the Data Protection Act to prosecute cases.
He however, says that more capacity is being built in the force so that they are more capable to handle new and emerging challenges related to cybercrime.
Pius Perry Biribonwoha, the Deputy Solicitor General called for the transformation of social culture among the public but also the banking staff to view and consider fraud as an undesirable crime.