Kampala, Uganda | THE INDEPENDENT | Equity Bank Uganda has launched investigations into cases of fraud surrounding their Stock Loan and Agent Float financing that happened recently. The Stock Loan product is a credit facility meant to support entrepreneurs, small and medium-sized enterprises (SMEs), and large businesses across various sectors with …
Read More »Swiss businessman summoned over Shs19billion land fraud
Hoima, Uganda | THE INDEPENDENT | The High Court sitting in Hoima has summoned a Swiss businessman David Ferdinand Heimhofer and his Ugandan girlfriend Mariam Kajumba to file a defense against accusations of putting an illegal caveat on land belonging to Testimony Motors Uganda. The said land worth 5 million Dollars …
Read More »Cyber report reveals threats to Ugandan businesses
Lists what Uganda top business executives fear more than theft, fraud, corruption COVER STORY | RONALD MUSOKE | A cyber-attack event is the top-most business risk for Ugandan business executives this year, according to a new survey published on Jan.23 by Allianz Group’s corporate insurer affiliate, Allianz Commercial. Cyber-attacks which include …
Read More »FRAUD: Court summons head of petroleum in Energy Ministry
Kampala, Uganda | THE INDEPENDENT | The City Hall Magistrates Court has summoned the head of Petroleum in the Ministry of Energy and Mineral Development Spero Byokunda to appear and answer charges related to defrauding a Serbian investor. Byokunda is wanted together with businessman Emmanuel Byamukama to appear in Court …
Read More »FRAUD: Banks, Telcoms urged to embrace Bug Bounty programs
Kampala, Uganda | THE INDEPENDENT | The Uganda Bankers Association has endorsed the Bug Bounty Program as part of efforts to improve the security of the financial industry against cybercrimes. The Bug Bounty is the monetary reward offered to ethical hackers who specifically uncover and document vulnerabilities for application developers. …
Read More »URA to introduce smart gate to combat trade fraud at border points
Kampala, Uganda | THE INDEPENDENT | Uganda Revenue Authority (URA) revealed that it will soon introduce smart gate, an automated self-service border control system to combat trade fraud including under and over-declaration of imports and exports. The gates are in addition to other measures in place such as cargo digital scanners, …
Read More »REGULATOR: Medical, motor incidents dominate insurance fraud
Kampala, Uganda | THE INDEPENDENT | The Insurance industry is registering increasing cases of fraud with the regulators citing motor vehicle and medical insurance as the most affected. This according to the Uganda Insurance Regulatory Authority is also leading to the high cost of doing business and consequently the cost of …
Read More »Pastor Sirajje sentenced to over two years in prison over fraud
Kampala, Uganda | THE INDEPENDENT | Pastor Sirajje Semanda from the Revival Church in Bombo and Jimmy Arinaitwe, have earned themselves two and half years in prison for fraud. The Buganda Road Chief Magistrate, Gladys Kamasanyu sentenced the dou on Tuesday and also ordered them to pay a fine of Shillings 405 …
Read More »Australian winery uses new technology to combat wine fraud
Canberra Australia | Xinhua | A South Australian winery has started trialing a new technology to combat international wine fraud. Grosset Wines, based in the Clare Valley north of Adelaide, have swapped out their usual bottle caps in Australia and Britain for ones that use Enseal — a product designed by owner …
Read More »Digital payment providers partners with banks to fight fraud
Fraudsters have resorted to using simcards of dead people or old people in rural areas ignorant about transactions | THE INDEPENDENT | The National Payment Systems Services Association has partnered with Uganda Bankers Association to fight fraud that had become a threat to the financial sector and the growth in …
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