Hackers skim $4m off banks in Uganda

Ugandan banks lost over $4 million to hackers in the past one year, according to a data released by Interpol Uganda on October 17.

Interpol director Charles Birungi said the theft was carried out via technology and involved bank fraud, fake visa issuance and online business.

“Of the $4 million reported, $3 million was recorded in just 10 cases of bank fraud,” said the report.

Issuance of fake visas led to the loss of $542,500 while online business fraudsters siphoned $112,441 from users over the same period.

However, traditional cybersecurity measures are being rendered ineffective as cyber attackers devise new and more dangerous ways to pilfer critical data and money.

Cyber experts advise that banks deploy real-time data and analytics to build stronger firewalls in an evidence-based ecosystem.