Business

Orient Bank raises war on cybercrime

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By  ISMAIL MUSA LADU

Posted  Thursday, May 8  2014 at  10:58

In Summary

security analyst Sammy Kioko, the Alliance manager with Cyber Security Africa, says if the trend continues, financial institutions and telecoms providing mobile money services will find it difficult to keep in business.

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Kampala- Orient Bank has enhanced security for its electronic and other online banking transactions after the Bank of Uganda (BoU) and the police warned industry players against risingg levels of cyber crime and electronic fraud.

To keep ahead of competition and fraud-free, the bank last week launched enhanced debit visa chip and pin cards–innovations that will enable customers use the cards for on-line transactions and making payments at various merchant locations across the world with no worry of fraud.

“Our Chip and Pin technology is a security enhanced card which has rapidly spread in Europe and gradually penetrated the USA and subsequently the Ugandan market. And all that is because it is safe, reliable and dependable,” the bank’s acting managing director, Mr Julius Kakeeto, said.

Losses to electronic fraud
According to Deloitte East Africa Financial Crimes Survey, banks and to some extent, telecommunication companies that provide mobile money services, lose between $1million (about Shs2.5billion) to $10billion (about Shs25billion) to electronic fraud and cyber crime every year.

Security analyst Sammy Kioko, the Alliance manager with Cyber Security Africa, says if the trend continues, financial institutions and telecoms providing mobile money services will find it difficult to keep in business.

Speaking ahead of the annual East Africa Banking and ICT Summit earlier, BoU executive director supervision Justine Bagyenda said fraud and cyber-related crimes is not just an industry problem but it’s an entire sector issue that must be tackled firmly and collectively.

“Investment and innovations in ICT have resulted in improved efficiency in operations of financial institutions and greater convenience, choice and better services,” Mrs Bagyenda said.

iladu@ug.nationmediacom