Ugandans lose UGX14 billion to online hackers – Interpol

BY: Eyalama In News On
- Updated

The latest figures compiled by Interpol Uganda show that hackers have become more lethal in this Covid-19 era.

The statistics on cyber-crimes contained in a report by Interpol director Charles Birungi, indicate that USD 4million, about 14.4 Billion shillings has been lost to online fraudsters in the last twelve months.

Interpol indicates that the 14.4 billion shillings has been lost in more than 200 cases of international and economic crimes, of which bank fraud, issuance of fake Visa and online business fraud topped the list.

A police IT expert who preferred anonymity said Ugandan banks are being hacked almost every month but they have chosen silence as a way of not scaring their clients. The policeman’s argument is based on the fact that in the last twelve months, banks have lost more than USD3 million which translates into Shs10.9

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“Of the USD4 million you are seeing, USD3 million was recorded in just 10 cases of bank fraud,” the IT security officer said. “These are the banks that were bold enough to come out and seek our intervention in tracing for hackers based here and outside countries. But majority of the cases are never reported. They know if they keep reporting, people will feel insecure when their money is kept in a bank that is often hacked.”

Paul Senoga, an IT expert and dealer in security systems like vehicle tracking, agrees with police that banks conceal a lot of information about their illegally accessed systems. Senoga says hackers keep testing the systems until they gain access using malwares. As a solution, Senoga urges companies to always hire permanent and competent people who keep testing their own system purposely to spot loopholes early enough.

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“Once someone gains access to your bank account, they can transfer the money to anybody or any account they want. The banks have come with apps to simplify banking but they are suffering. Money is being wiped off accounts. Banks are not just revealing what is happening but its huge,” Senoga said.

Citing an example of the recent unauthorised access to Kyambogo University’s system where data for more than 2,500 students was deleted, CID spokesperson Charles Twine advised companies to avoid hiring outsiders to run their systems. He argues that a person who is not a permanent staff would disrupt the system once a disagreement erupts.

Apart from bank fraud that took a lion share of money lost to cyber kingpins, issuance of fake Visa came second with USD 542,500 (UGX1.9Bn). Online business fraud caused loss of USD112,441 (over UGX393M), internet fraud caused losses of 300 million shillings while email hacking caused a loss of 124million shillings.

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