Public warned against hi-tech banking related fraud
“Many victims have reported losing money and important personal documents while carrying out financial transactions through digital and other technology-based platforms. I therefore appeal to the members of the public to remain vigilant so that you are not cheated by fraudsters,” Mafo said.
Public warned against hi-tech banking related fraud
KAMPALA - Members of the public have been advised to remain vigilant against fraudsters who exploit advances in technology to steal money from bank accounts.
Sheikh Shafik Mafo, one of the directors of Maqam Travels, a Hajj travel company, made the call during the launch of the partnership between the firm and Saalam Bank, intended to digitise financial transactions for Hajj and Umrah pilgrims at Sarovar Portico Hotel in Kampala.
“Many victims have reported losing money and important personal documents while carrying out financial transactions through digital and other technology-based platforms. I therefore appeal to the members of the public to remain vigilant so that you are not cheated by the fraudsters,” Mafo said.
Mafo said technology-related fraud has affected many people, with many victims reportedly struggling to recover their money after being defrauded.
The event also saw the launch of Maqam Travel prepaid Visa cards, which are intended to facilitate financial transactions for pilgrims and other travellers.
Mafo welcomed the initiative, saying it would make financial transactions easier while reducing some of the risks associated with carrying large amounts of cash during travel.
Salaam Bank Chief Financial Officer, Hajji Sulaiman Walugembe, said the prepaid cards can be used around the world because they are connected to the international banking system.
Salaam Bank Chief Financial Officer, Hajji Sulaiman Walugembe, said the prepaid cards can be used around the world because they are connected to the international banking system.
According to Walugembe, users do not need to open a conventional bank account to access the service but are provided with a personal identification number and a confidential PIN, which enables them to carry out transactions.
He added that the card can hold up to 110 million Shillings, helping to reduce the burden and security risks associated with carrying large amounts of cash.
Walugembe urged Ugandans to safeguard their official documents and personal information to prevent fraudsters and other opportunists from gaining access to their money.
Hajj Abdul Karim Kaliisa, the patron of Maqam Travels, welcomed the innovation, saying it would make travelling easier for pilgrims because they would no longer need to carry large amounts of cash and could instead use a card for their financial transactions.
“This is a good initiative, and I would encourage all the people to embrace it. For those making a pilgrimage to Mecca, it will make your life easy,” Kaliisa said.
With financial institutions embracing digital banking, fraudsters are also quickly adapting new sophisticated tech-driven tactics such as AI-powered social engineering to cheat the public of their cash.