May 24, 2024

Bank of Uganda tasked to address rising bank fraud

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The National Economic Empowerment Dialogue (NEED) party has tasked the Bank of Uganda to tackle the increasing fraud cases in commercial banks.

“We have our people in the diaspora sending their money because of mistrust among their relatives, so they put the money in the bank. Unfortunately, when they come to check on how much they have, they find that half of the money has disappeared,” Matovu said on Monday.

According to experts, bank fraud cases take various forms, ranging from alteration of checks to counterfeiting, skimming or cloning of cards, and unauthorized withdrawal of funds from customers’ accounts. To combat bank fraud, a number of laws were enacted in Uganda, but the crime is increasing.

However, speaking to the media at the party’s head offices on Monday, the NEED spokesperson, Mr. Moses Matovu, asked the Bank of Uganda to ensure that all laws passed for customer safety are implemented.

Matovu implored parliament to raise a voice over this increasing vice, while the Consumer Protection Unit is also tasked with doing its work.

In conclusion, he further advised the central bank to take disciplinary action against commercial banks engaged in fraud for failing to control their internal staff who allegedly collaborate with outside criminals to make their plans successful.

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written by @enock katamba

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