Stakeholders in the banking, payments and other financial services sector will on 24th July converge for the second fraud forum to take stock of the progress of new developments and trends since the inaugural event was held in March 2023.
The 2nd Fraud Forum 2024 will focus on the theme: ‘Collaboration Against Fraud Targeted At The Banking And Payment Services Ecosystem; Building Resilience For Today, Tomorrow & Beyond’, and will be hosted by the Uganda Bankers’ Association in partnership with VISA, Bank of Uganda, Uganda Communications Commission and National Payment Systems Providers Association (NPSPA).
Fraud has been earmarked as a significant threat to the stability and integrity of Uganda’s banking and financial services sector and works against encouraging visitors to Uganda as an investment destination.
The forum will therefore focus on strengthening the technological and regulatory frameworks to equip financial sector players in building resilience to deter perpetrators of fraud.
The forum is also expected to dwell on people/human aspects (both staff, customers and other stakeholders) for whom investment in behaviour change, awareness and financial literacy including misuse and abuse of authority as well safe custody of instruments for access to bank or mobile money becomes a critical first line of defense.
The second series of the financial fraud forum is anchored on the learnings from the first one that was held in 2023 which called for more collaboration among domestic, regional and international anti-fraud stakeholders and agencies.
Patricia Amito, UBA’s Head for Communications and Corporate Affairs, said a detailed review of the current domestic legal framework had been undertaken and compared with other jurisdictions regarding the complexity and evolving nature of fraud and financial sector players.
TRIBUTE | Miriam Ekirapa Musaali: A Testament of Faith, Courage, and Enduring Strength Against CancerSalma Ingabire, Country Director for Visa in Uganda said, stakeholder collaboration across the banking, payments, and other financial services sectors is crucial in a shared mission to combat fraud.
“Together, we’ll continue to innovate, educate, and strengthen our defenses to protect the integrity of our financial systems and the trust of our customers. Through these joint efforts, we aim to ensure a safe and secure sector for all,”
Measures such as the call for stiffer penalties and consequence management as part of law enforcement mechanisms for those found involved or linked to financial sector fraud are expected to be instituted.
According to information shared at the previous fraud forum, the most common category of fraud was by way of volumes was impersonation, identity theft, forgeries and cash suppression at 42.4%, digital/cyber/payment related fraud that stood at 31.9% while loan related frauds stood at 25.7%.
In the recent past significant fraud incidents have been reported that have sucked in other non-bank agencies that financial institutions work with to deliver services.
