Commercial Banks Unite Against Fraud


Commercial Banks in Uganda have United against cyber crime leading to fraud. As a way of uniting, the banks have established a forum on which they share information with each other regarding any incidents of fraud whether successful or merely attempted.

For over 5 years , Wilbrod Owor , Chief Executive Officer of the Uganda Banking Association highlighted that 7-9 banks have been hit by the same fraudsters using similar means.

Owor said; ” In the past banks have kept their information a secret concerning fraud , which has not provided a learning platform for others .This has exposed them to repetitive cybercrime. We can now learn from each other.”

Micheal Atingi ,the Deputy Governor of Bank of Uganda also commenting about the platform formation expressed that he was happy a proposal had now materialised .

Sarah Arapta from the Uganda Bankers’ association also expressed concern for the weak law enforcement where fraudsters are let to slip away easily due to corruption in dealing with crim.

“We pin these people down, they are arrested then shortly released after paying some money .They are let off cuffs.”

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