The Ugandan Bankers Association, a collective of all commercial banks in Uganda has announced plans to create an online platform through which the different entities will help Ugandans fight the growing fraud cases in the country.
The revelation was made at a meeting by the Association members in which it was also revealed that last year, over 200 fraud cases where recorded in the country. In the 200 cases, over 90% resulted in loss of money to the victims.
The most common incidents were related to bank fraud, agent banking fraud among others.
The Association noted an increase in sophistication among fraud cases perpetrated using online channels something that has pushed the members to seek collaboration to tackle the growing pandemic.
