By Frank Kamuntu
Stanbic Bank Uganda has today hosted a high-level Media Brunch on Financial Fraud, bringing together sector leaders, cyber-risk experts, legal minds, and media practitioners to confront the rapidly growing wave of financial scams affecting consumers across the country.
The engagement sparked a nationwide conversation on how fraud is evolving, why public awareness is urgently needed, and why Uganda must strengthen collaboration to protect its financial ecosystem.
Kenneth Agutamba, Country Manager; Reputation & Corporate Communication at Stanbic Bank, underscored the significance of continued dialogue.
“Our conversations and partnerships must continue beyond one event. Financial fraud is a national problem, and every bank, every customer is at risk. We must keep the dialogue alive, because silence is the fraudsters’ greatest ally.”
Legal experts also spotlighted the urgent need for reform. Candy Wekesa Okoboi, Head of Legal at Stanbic Bank, called for stronger legislation to close existing loopholes.
“We need stronger frameworks to ensure fraudsters are prosecuted and customers are protected. The law must evolve alongside technology. Without legal clarity, fraudsters will always find loopholes.”
From a wider industry perspective, collaboration emerged as a critical pillar. Ronald Mugisha, Cyber & Fraud Risk Lead at the Uganda Bankers’ Association, emphasized the collective responsibility of all stakeholders.
“To mitigate financial fraud in the banking sector, collaboration is our strongest weapon. Banks, regulators, and social media influencers must work jointly to protect customers. Every fraudulent transaction erodes trust. Our joint mission is to restore and safeguard that trust.”
Mugisha also raised concern about the rise in ATM card-swapping scams, a simple tactic that has caused major losses for unsuspecting customers.
“Fraudsters innovate daily, and card swapping at ATMs is one of the simplest tricks; yet it empties customers’ bank accounts in minutes.”
Sophia Nakazibwe, Stanbic’s Head of Fraud & Risk Management, noted the widening gap between digital growth and customer awareness.
“Digital transactions are growing fast, but literacy on security is lagging behind, and that gap is where fraud thrives.”
To help the public stay safe, experts urged customers to:
- Never share their PIN
- Reject unsolicited help at ATMs
- Always check their card before leaving
- Report any suspicious activity or loss of a card or phone immediately
The Media Brunch closed with a unified call for continuous awareness, stronger legal frameworks, and collective vigilance to safeguard Uganda’s financial future.
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