Ugandans and businesses in 2024 lost USD272 mn in economic crimes; cybercrime, bank, and fraud double Uganda is grappling with a surge in financial crimes, with cyber fraud, bank scams, and corporate misconduct costing the economy over USD 272 million in 2024. As digital threats escalate, criminals exploit loopholes, leaving victims with devastating financial losses.

Even though the number of financial and economic crimes rose mildly, by 1.6%, from 12,924 cases in 2023 to 13,132 cases in 2024, the severity and amount of money lost in these crimes grew more significantly. According to the Uganda Police Annual Crime Report 2024, total financial losses due to economic crimes surged past UGX 1.02 trillion (USD272 million), up from UGX 930.49 billion in 2023. However, financial losses associated with these crimes grew by 16.4%, escalating from UGX 930.5 billion in 2023 to UGX 1,082.7 billion in 2024, indicating that while the number of cases increased, the severity of…