Financial Institutions, Bankers set to host 2nd Fraud Forum to enhance collaboration
Fraud poses a significant threat to the stability and integrity of Uganda’s banking and financial services sector which also discourages potential investors from coming to Uganda.
Drake Nyamugabwa
Uganda Bankers’ Association, Bank Of Uganda together with Uganda Communication Commission and other stakeholders in the banking and financial sector are set to host the 2nd Fraud forum following the 1st one that happened in March 2023.
According to the statement released on 18th July 2024, the event will be hosted by the “Uganda Bankers’ Association in partnership with VISA, Bank of Uganda, Uganda Communications Commission and the National Payment Systems Providers Association (NPSPA)”
The theme of the forum is: “Collaboration Against Fraud Targeted At The Banking And Payment Services Ecosystem; Building Resilience For Today, Tomorrow & Beyond”
This event will aim to discuss the challenges fraud brings to the industry’s stability and Uganda’s financial service sector integrity. View more below.
“The 2nd fraud forum is expected to take stock of progress since the inaugural event held in March 2023, new developments and trends since then. It will also focus on strengthening the technological and regulatory frameworks to equip financial sector players to build resilience to deter fraud perpetrators” partly reads the statement.
The forum is also expected to dwell on people/human aspects for whom investment in behavior change, awareness, and financial literacy including misuse and abuse of authority, as well as safe custody of instruments for access to bank or mobile money, becomes a critical first line of defense.
Patricia Amito, UBA’s Head for Communications and Corporate Affairs, a detailed review of the current domestic legal framework has been undertaken and compared with other jurisdictions regarding the complexity and evolving nature of fraud.
“Financial sector players will among other measures call for stiffer penalties and consequence management as part of law enforcement mechanisms for those found involved or linked to financial sector fraud. This 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,” Amito said.
Salma Ingabire, Country Director for Visa in Uganda “We are thrilled to partner with the Uganda Bankers’ Association, Bank of Uganda, Uganda Communications Commission, and NPSPA for this vital second fraud forum. Stakeholder collaboration across the banking, payments, and other financial services sectors is crucial in our shared mission to combat fraud,”
According to information shared at the previous fraud forum, hosted by Uganda Bankers Association, the most common category by way of volumes was impersonation, identity theft, and forgeries.
Cash suppression stood at 42.4%, digital/cyber/payment-related fraud stood at 31.9% and loan-related fraud stood at 25.7%.
In the recent past, significant values have been reported regarding fraud that has sucked in other non-bank agencies that financial institutions work with to deliver services.
