Hackers Gain Access to Central Bank of Uganda, Steal $17 Million

• Uganda's finance ministry that hackers had seized money from the central bank's networks
• It however denied that hackers took up to $17 million from the account as claimed by the media
• Minister of State for Finance noted that a detailed report will be shared when the event is fully investigated

Legit.ng journalist Zainab Iwayemi has 5-year-experience covering the Economy, Technology, and Capital Market.

The Ugandan central bank's accounts was breached by hackers, who reportedly took out 62 billion shillings ($17 million).

The finance ministry of Uganda confirmed in a media reports that hackers had gained access to the central bank's networks and taken money, Reuters reported.

It however denied allegations that hackers took up to $17 million from the country’s account.

According to a parliamentary report cited, the auditor general and the criminal investigations department are looking into the incident that occurred two weeks ago.

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“It is true that our hackers took up to $17 million from the account was hacked, but not to the extent of what is being reported,” Minister of State for Finance Henry Musasizi told lawmakers Thursday, adding that a report on the incident would be ready in a month.

“To avoid misrepresentation of facts, when the audit and CID investigations are finalised, I beg that I come to this house and report.”

Until the inquiry is over, the police and central bank declined to comment.

Meanwhile, on Thursday, the New Vision newspaper revealed that a Southeast Asian organization called "Waste" had stolen 62 billion shillings, or $17 million.

According to the Daily Monitor, the sum was 47.8 billion shillings, and the funds were transferred to accounts in the UK and Japan.

The Monitor said on Friday that although the burglars had already taken away some of the money but the UK officials froze almost $7 million. According to the report, the syndicate got $6 million in Japan.

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Fraudsters attack Nigerian banks

Legit.ng reported that the most recent Fraud Risk Report from the Financial Institutions Training Centre (FITC) has shown that between the first and third quarters of this year, Nigeria had a 50% increase in financial losses connected to fraud and a 100% increase in digital fraud incidences.

The survey claims that fraud instances have increased on all platforms and that the risks are further increased by the growth of digital transactions.

The increasing sophistication of identity theft, insider cooperation, and cyber fraud took a serious toll on Nigerian financial institutions.

Source: Legit.ng