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Shs14bn Lost As Hackers Cause Damage Across Ugandan Banks

Shs14 Billion Lost As Hackers Cause Damage Across Ugandan Banks

Interpol-Uganda recently compiled the latest figures and apparently, hackers have become more lethal during the current covid-19 pandemic era.

Statistics on cyber-crimes contained in a report by Interpol director Charlese Birungi indicates Shs14bn lost to fraudsters.

Interpol suggested that they have lost this money in more than 200 cases of hi-tech, international, and economic crimes. Of these, bank fraud, issuance of fake visas, and online business fraud topped the list.

A Police IT expert said hackers access bank systems every month. However, banks decide to stay silent so as not to cause panic among their clients.

The policeman who preferred anonymity based on the fact that in the last twelve months, banks have lost over $3 million (about Shs10.9 billion).

‘’Of the $4 million (total) you are seeing, $3 million was recorded in just 10 cases of bank fraud. These banks were bold enough to come out and seek intervention in tracing for hackers based here and outside countries. But they don’t report a majority of the cases. They know if they keep reporting, people will feel insecure when their money is kept in the bank that is often hacked,’’ he said.

Paul Senoga, an IT expert agrees with the police that banks conceal a lot of information about their illegally accessed systems.

He said the hackers keep on checking on the bank systems until eventually, they are able to access using malware.

As a solution, Senoga urges companies to always hire permanent and competent people who keep testing their own systems. He said this will purposefully help to spot loopholes early enough.

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