Stanbic Bank Uganda Launches Campaign Against Digital Financial Fraud

Stanbic Bank Uganda is asking customers to stay alert as fraudsters increasingly target people rather than banking systems.

The bank launched Stay Switched On as an anti-fraud awareness campaign focused on digital and cyber-enabled financial crime. Sam Bulenzi, Stanbic’s head of coverage, said protecting customers’ money formed part of the bank’s wider commitment to Uganda’s economic growth.

“At Stanbic Bank, we believe that driving Uganda’s growth is our moral obligation, but this goes beyond financing businesses and enabling transactions. It also means protecting our customers from the growing threat of financial fraud,” Bulenzi said.

The campaign links financial security with the bank’s purpose, “Uganda is our home, we drive her growth.” Stanbic said expanding digital banking and electronic payments has improved convenience and access, while also exposing customers to increasingly sophisticated fraud schemes.

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At Stanbic Bank, we believe that driving Uganda’s growth is our moral obligation, but this goes beyond financing businesses and enabling transactions. It also means protecting our customers from the growing threat of financial fraud.

Stephen Adatu, vice chairperson of the Uganda Bankers Association’s Fraud and Forgery Subcommittee, said digital and cyber-related fraud now represents nearly one-third of fraud cases reported in the banking industry. He described fraud as a challenge across the financial sector and said institutions, customers and other stakeholders needed to respond together.

“Fraud is an industry-wide challenge. Initiatives such as the ‘Stay Switched On’ campaign are important because they help shift fraud prevention from being viewed solely as the responsibility of banks to becoming a shared responsibility between financial institutions and customers,” Adatu said.

Sophia Nakazibwe, Stanbic’s head of fraud risk, said criminals exploit trust, fear, urgency and people’s willingness to help others. In many cases, she said, they manipulate customers into revealing passwords instead of breaking into banking systems.

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Fraud is an industry-wide challenge. Initiatives such as the ‘Stay Switched On’ campaign are important because they help shift fraud prevention from being viewed solely as the responsibility of banks to becoming a shared responsibility between financial institutions and customers.