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A major bank in Kampala has been hit by two separate computer fraud incidents, leading to a total loss of over Shs5.5 billion in less than a year.
The first incident involved a loss of Shs3.56 billion, which was traced to the bank’s Bill Pay System, a platform that allows customers to make utility payments via mobile money. The second loss, amounting to Shs1.95 billion, occurred on the bank’s agent banking platform.
The fraud was executed using computers assigned to loans officers at various branches outside Kampala. Investigations revealed that the fraudsters accessed login credentials of tellers based at the bank’s central headquarters. An internal report, seen by *The Monitor*, indicated that while the fraud was orchestrated by external actors, the involvement of insiders was crucial to the success of the scheme.
Despite the ongoing fallout from the first heist, the criminals struck again in August, exploiting similar weaknesses. This time, the fraudsters used a computer linked to a loans officer at the Bwaise branch, a suburb of Kampala. They once again accessed the agent banking platform using the credentials of a teller at the bank’s headquarters, facilitating a transfer of Shs1.95 billion to their accomplices.
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The incidents have raised serious concerns about the bank’s internal controls, cybersecurity measures, and the role of employees in facilitating the fraud. While the bank’s management is working with law enforcement to identify all parties involved, the two heists have underscored the vulnerability of financial institutions to cybercrime, especially when both external hackers and insiders collaborate to exploit the system.
Authorities continue to investigate the full scope of the fraud, aiming to hold accountable everyone involved in these significant financial losses. The bank has vowed to tighten its security protocols to prevent future breaches and restore public trust.
