Tuesday, November 11, 2008

Uganda Business News: Banks come together to against increasing cash theft


Banks in Uganda have announced they have joined hands to fight electronic related fraud where some fraudsters con banks of huge amounts of money.

Shirish Bidhe, the Chairperson of the Association of Banks in Uganda says they have decided to work together in the face of increasing electronic fraud.

He told journalists in Kampala that banks will be sharing information about fraud cases and how to avoid them, in addition to more securitization of all transactions.

Bidhe who is also the Managing Director of Citi Bank says banks are also concerned about increasing cases of armed robberies of cash transit vehicles, as well as breakages into banks.

David Magara, the Commander of the Police Rapid Response Unit confirms that cash related robberies are on the increase. He says some thieves are using heavy hammers to break into banks in addition to conniving with security guards and bank staff.

He says although some arrests have been made by the police, it is difficult to investigate and arrest people who have stolen cash.

Magara says that is why the police is working with banks to minimize fraud and loss of cash through robberies and bank breakages.