Grapevine

A large portion of fraud occurs with support of staff, says report

However, Ligomarc doesn’t give an illustrative figure but notes that when examined extensively, there is a trail of connivance from within that helps outsiders defraud financial institutions.

“A significant portion of frauds occur with the assistance or involvement or participation of internal staff,” a presentation by Olivia Kyarimpa Matovu, the Ligomarc partner dispute resolution presented during the Uganda Bankers Association Conference, reads in part.

For instance, Ms Matovu quotes a GSMA Survey, which indicates that 86.5 percent of fraud committed against mobile money users is “insider fraud”. It ranks as the third-highest type of fraud against mobile money users.

The GSMA report also notes that Identity fraud against mobile money users ranks as the most recorded type of fraud at 90.4 percent, followed by social engineering and Sim swap at 88.46 percent and 78.9 percent, respectively.