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Banks Report Cases Of Cyber Fraud, Lose Shs 4 Trillion

By An Executive Editor

Two commercial banks have reported cases of cyber fraud in a period ending March 2022.

This was revealed by Bank of Uganda’s Director for Financial Stability, Robert Mbabazize.

Mbabazize was on Wednesday releasing a Financial Statbility Assessment Report at a symposium held at Golden Tulip in Kampala.

He, however, did not name the affected banks nor did he talk about the loss as a result of the attacks.

Mbabazize, however, said that cyber threats remain an inherent risk for digital channels.

According to Mbabazize, Bank of Uganda is continuing to engage with banks and payment system providers to implement robust cyber security operational risk management frameworks.

The 2021 Annual Crime Report shows that there were 258 cases of cyber-attacks reported to Police during the period under review.

These are compared to 256 cases reported in 2020, indicating a 0.1% increase.

According to the report, cybercrimes led to a loss of Shs 4, 710, 393, 000. Police managed to recover Shs 110, 140, 000.

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