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Pride Microfinance Limited a government of Uganda-owned deposit-taking Microfinance institution was early May 2023 hacked and UGX1.3 billion stolen, CEO East Africa Magazine can exclusively reveal. Although the financial institution denied the loss, claiming it was a mere attempt, Luke Owoyesigire, the Kampala Metropolitan Police Deputy Spokesperson confirmed the digital theft, saying that the bank reported it to Kira Road Police, a day after the heist. “Pride had an attempted fraud, and we are in the process of investigating the incident. Given our robust controls in place, none of our customers’ funds was accessed, and we assure them of our…
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All organisations and individuals are subject to fraud risk. It is therefore essential to prioritize fraud prevention and detection to protect every organisation’s and its stakeholders’ interests. Fraud can come in many forms, from simple company property theft to complex financial schemes. It can cause significant financial loss and damage to an organisation’s reputation, as well as legal and regulatory problems. While most of clients do not commit fraud, some do, leading to losses for the defrauded. To prevent and detect fraud, it is important to establish strong internal controls and implement effective risk management practices Although it is impossible…
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UGAFODE Microfinance Limited, one of five licensed micro deposit-taking financial institutions (MDI) in Uganda, has been hit by digital fraudsters, making off with an amount said to be about UGX400 million before, the bank moved in and shut down the suspicious accounts used to carry out the fraud. An insider at the bank who spoke to CEO East Africa Magazine, on condition of anonymity said the fraudsters, strongly believe to be either insiders or working with insiders, used ‘doctored’ Know-Your-Customer (KYC) documents to open seemingly legitimate bank accounts, which were then credited from the inside and money was then withdrawn…
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