Shs200b lost in suspected cyber fraud
Posted Friday, May 30 2014 at 01:00
Process. The money was withdrawn without authority from different mobile money platforms.
The level of cyber fraud targeting individuals and mobile money companies is rising with an estimated Shs207 billion said to have been lost in the process.
Speaking at the opening of an East African Community regional conference for preventing and combating cybercrime early in the week, Mr John Nasasira, the Information Communication Technology minister, said between August and November 2012, a total of Shs207 billion was withdrawn without authority from different mobile money platforms but the money and the suspects could not be traced.
He said much as the internet has eased the way business is done, the security threats it has brought along need regional and global concerted efforts to curb.
“Between August and November 2012, we registered 62 cases involving mobile money, estimated at Shs207 billion which was transferred without authority from the popular mobile money platforms ,” Mr Nasasira said adding that the same year, another 700 cases involving Auto Teller Machines and VISA card fraud totalling to Shs1.5 billion, were also reported and some arrests made.