The board members of Deposits Protection Fund (DPF) have asked the police to tackle cyber bank crime in the country, which is directly affecting the banks and their clientele.
Dr Andrew Obara, a board member of DPF, made the request while meeting stakeholders and bank managers in Soroti city on Wednesday, saying that this is an area where the police should up their investigations.
“In Uganda, cyber bank crime remains a growing concern, with a significant increase in financial losses and cases, these crimes range from sophisticated attacks like hacking, fraud, and ransomware often involving insider breaches,” he said.
In 2024, the losses as a result of cyber bank crime were approximated at Shs1.02 trillion.
Mr Obara’s plea was in response to the outcry from the RDCs that the beneficiaries of PDM are being fleeced of their money by officers who are managing the fund after their bank details are compromised by third-party officers.
“This cannot be the problem of the bank but police can help investigate this under the cybercrime act,” the DPF board member said.
Mr Ibrahim Saiga, the RPC Kyoga East, said that police have a cybercrime department whose work is highly commendable whenever called upon. He added that among other issues, they often receive are matters of fraud, and a number of the suspects have been prosecuted.
Mr. Saiga said that some of the issues involving PDM have also been handled by police and suspects forced to refund the money to the beneficiaries.
Ms. Julia Oyet, the Chief Executive Officer (CEO) of DPF, told the stakeholders drawn from the various sectorial departments and private sector that the DPF is doing well, and so is the bank sector.
She appealed to the people to continue banking with confidence in their respective banks where they have and hold accounts.
Mr Patrick Ezaga, the Director Communications at DPF, told participants that DPF is a government-based institution that was designed to protect depositors in the eventuality that a bank closes.
He added that DPF guarantees payment of up to Shs10M per depositor in the event the financial institution fails, this coverage includes 98 per cent of the deposit accounts in the country, with the majority belonging to low-income earners.
(daily monitor)