security

The Internet wizkid – computer fraud in a bank in Kenya

XY, a financial institution, suffered US $504,000 loss in fraudulent transactions. The culprits did it by: (i) gaining access to the super administrator (“sa”) password through social engineering. The “sa” password is required to access the live banking application database and the Head of ICT and Managing Director keep its custody under dual control. The …

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Mobile money is a national security risk!

In 2015, Commercial Court Justice Christopher Madrama ruled in Katuntu vs Mtn Uganda Ltd & Anor that mobile money services offered by telecommunication companies, although acting as financial institutions lay outside the purview of the Bank of Uganda. This development prompted lawyer Mathew Kiwunda to sue the Attorney General, to prohibit government from continuing to …

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The state of cybersecurity in Uganda

A discussion with Mustapha B. Mugisa, of www.mustaphamugisa.com. 1. How safe are businesses/individuals online? Starting with businesses, their safety is guaranteed if and only if they are engaged and actively assessing and probing their infrastructure and systems for vulnerabilities in small time frames like once every 4 to 6 months due to the dynamic element …

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Protecting your money in the bank during this holiday season

ATM Fraud and how bank clients can protect themselves against fraud The issue On 14th Oct 2015, Centenary Bank’s managing director Fabian Kasi issued a statement in respect to the 25 complaints received by the bank from her customers over inconsistencies in their account balances in the bank. This was after a system upgrade. The …

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