Business

Shs200b lost in suspected cyber fraud

Share Bookmark Print Rating

Mr James Saaka, the executive director National information Technology Authority of Uganda (NITA-U), consults with ICT Minister John Nasasira during the conference in Kampala early in the week. Looking on is director information NITA-U Peter Kahiigi. PHOTO BY STEPHEN OTAGE 

By Stephen Otage

Posted  Friday, May 30  2014 at  01:00

In Summary

Process. The money was withdrawn without authority from different mobile money platforms.

SHARE THIS STORY

KAMPALA

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the Information Communication Technology minister, said between August and November 2012, a total of Shs207 billion was withdrawn without authority from different mobile money platforms but the money and the suspects could not be traced.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.

sotage@ug.nationmedia.com