ADVERTISEMENT

Digital payment providers partner with banks to fight fraud

The National Payment Systems Services Association has partnered with Uganda Bankers Association to fight fraud in tandem with the existing “ Stop Bafere” campaign.

Kenneth Natukunda, a Certified Financial Crime Specialist (CFCS) at the Financial Intelligence Authority

Richard Yego, the Managing Director of MTN Mobile Money Uganda Limited, said during a webinar on anti-Mobile Money fraud on October 13, 2022, that a Memorandum of Association has been signed between the two parties towards the same.

ADVERTISEMENT

We have realised that fraudsters hitting bank and mobile money customers are the same and we, therefore, plan to put up a centralized cyber security monitoring system that will enable us to blacklist any person or number suspected to have defrauded a bank customer so that the suspected fraudster is unable to do the same to a mobile money customer and vice versa,” he said.

Fraud, the two financial entities say, is an existential threat to the financial sector and the growth in digital financial services.

ADVERTISEMENT

According to the Bank of Uganda, the country has 17 National Payment Systems Providers including MTN Mobile Money and Airtel Money, and 25 commercial banks and all those may be vulnerable to fraud unless positive action is taken to curtail the same.

Kenneth Natukunda, a Certified Financial Crime Specialist (CFCS) at the Financial Intelligence Authority (FIA), said fraudsters use simcards registered in the names of dead people or old people in rural areas ignorant about mobile money transactions.

He urged mobile phone owners to verify simcards registered under their identification documents.

Patricia Amito, the spokesperson at Uganda Bankers Association, said that financial sector customers should track transactions in their bank accounts in order to forestall fraud.

ADVERTISEMENT

Again, Andrew Rugamba, representing Airtel Mobile Commerce, appealed to mobile money customers to follow the rules of security when transacting using mobile money. These involve not to sharing their PINs, or the One-Time Passwords (OTP) with anyone, and not using simple PIN combinations that can easily be guessed at, such as 00000 or 12345 or 33333.

ADVERTISEMENT

Eyewitness? Submit your stories now via social or:

Email: news@pulse.ug

Recommended Articles

EACOP's new investment license beats international financial markets standards

EACOP's new investment license beats international financial markets standards

Delegates from the International Monetary Fund have arrived in Ethiopia to discuss funding programs

Delegates from the International Monetary Fund have arrived in Ethiopia to discuss funding programs

Kenya is soliciting partnerships with Italian investors in order to build its geothermal capacity

Kenya is soliciting partnerships with Italian investors in order to build its geothermal capacity

Ghana set to receive aid from both China and the United States

Ghana set to receive aid from both China and the United States

Tax default whistle-blowers receive Shs3.5 billion from URA

Tax default whistle-blowers receive Shs3.5 billion from URA

Saudi Arabia and Tanzania now have direct traveling access to each other

Saudi Arabia and Tanzania now have direct traveling access to each other

The cost of sending money to Sub-Saharan Africa needs to be lowered to increase diaspora remittance

The cost of sending money to Sub-Saharan Africa needs to be lowered to increase diaspora remittance

Oil and gas records the lowest insurance retention rate in Nigeria

Oil and gas records the lowest insurance retention rate in Nigeria

Uganda gets Korean coffee expert to oversee export quality

Uganda gets Korean coffee expert to oversee export quality

Pulse Sports

Sadio Mane guides Senegal to fifth consecutive final

Sadio Mane guides Senegal to fifth consecutive final

Micho rallies government to complete works at Namboole before Algeria clash

Micho rallies government to complete works at Namboole before Algeria clash

Ofoyrwoth broke Kobs' hearts to keep Heathens alive

Ofoyrwoth broke Kobs' hearts to keep Heathens alive

'Now kill me if Bafana Bafana fails to reach knockouts' - Broos

Gutted Okwi urges Cranes to show true resilience against Taifa Stars

Gutted Okwi urges Cranes to show true resilience against Taifa Stars

KCCA FC confirm Emmanuel Adebayor visit

KCCA FC confirm Emmanuel Adebayor visit

Tanzania president Samia Suluhu buys 7,000 tickets for Taifa Stars’ fans

Tanzania president Samia Suluhu buys 7,000 tickets for Taifa Stars’ fans

Tanzania eyeing a double over Uganda Cranes, says Msuva

Tanzania eyeing a double over Uganda Cranes, says Msuva

Tottenham search for fourth manager in four years as Antonio Conte exits

Tottenham search for fourth manager in four years as Antonio Conte exits

ADVERTISEMENT