In the face of changing financial fraud, here’s how to stay safe

What the report says

The Observer published a viewpoint from a Centenary Bank information security manager warning that financial fraud is evolving alongside the rise of mobile phones, cards and digital banking in Uganda. The article says fraudsters are increasingly using fake websites, social media accounts, phone calls, SMS messages and WhatsApp messages to pressure customers into giving up banking details that can be used to steal money.

The piece highlights Uganda’s cybercrime losses, citing the Uganda Police Annual Crime Report as saying more than Shs 5.3 billion was lost in 2025. It argues that the scale of the problem shows why banks, businesses and individual users all need stronger safeguards. Among the common tactics described are impersonation calls, urgent messages about account updates or blocked transactions, and links to fraudulent login pages.

The article’s main advice is that customers should never share sensitive credentials such as PINs, OTPs, card details, CVV numbers or passwords, and should avoid acting on unexpected links or urgent requests. Instead, they should contact their bank through official channels and report suspicious transactions quickly so losses can be investigated sooner.

It also says banks should keep improving real-time monitoring, internal controls and fraud-detection systems, including risk-based reviews and 24-hour monitoring teams. More broadly, the piece presents cybersecurity awareness as a shared responsibility and notes that Cybersecurity Awareness Month offers an opportunity to reinforce safer banking habits.