Cybercrime Archives – CEO East Africa

THE THIEF WITHIN: Who is Stealing from Ugandan Companies?

CEO East Africa MagazineBusiness & Markets The Big StoryFebruary 25, 2025February 25, 2025

Uganda is experiencing an economic crime crisis, with businesses and individuals losing over USD 272 million (UGX 1.02 trillion) in 2024 due to fraud, cybercrime, and financial misconduct. This represents a sharp rise from UGX 930.5 billion lost in 2023, highlighting the growing sophistication of financial crimes. While the total number of reported economic crime cases saw only a 1.6% increase, from 12,924 in 2023 to 13,132 in 2024, the financial damage inflicted has become far more severe. Cybercrime alone saw a staggering 4,700% increase in financial losses, jumping from UGX 1.5 billion in 2023 to UGX 72.1 billion in…

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Ugandans and businesses in 2024 lost USD272 mn in economic crimes; cybercrime, bank, and fraud double

CEO East Africa MagazineNews & Analysis The Big StoryFebruary 25, 2025February 25, 2025

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…

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Bank of Uganda Moves to Establish a Cyber Incident and Forensics Investigation Laboratory

Muhereza KyamuteteraCompany News Politics & Goverment The Big StoryFebruary 11, 2025February 12, 2025

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A portrait of an East African Economic Criminal And Fraudster, according to PwC

CEO ReporterBanking & Financial Services East Africa The Big StoryNovember 17, 2023November 18, 2023

Businesses in Eastern Africa must act quickly to avert increasing cases of economic crimes and fraud that threaten their existence, the Global Economic and Crime Survey by renowned international audit firm, PricewaterhouseCoopers ( PwC) has recommended. The 2022 survey revealed that 63% of respondents in Eastern Africa said they had experienced fraud within their organization, against 46% of respondents globally. For instance, at least 23% of respondents in Eastern Africa reported that they had lost between $ 100,000 and $1 million in the last two years to fraud. Evolving face of economic crimes Yet the more worrying discovery is the…

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