Fraud a Threat to Banking, Says Centenary Boss.

Byline: Faridah Kulabako

There is growing fear among players in the banking industry about the risks that the advancement and adoption of new technology is posing to the industry.

Mr Fabian Kasi, the Centenary Bank managing director, told Daily Monitor in an interview recently that fraud is emerging as a big challenge for the industry, costing the sector millions of shillings annually.

Although there is no readily available data about the crime in the market, it is estimated that about 7 per cent of an average organisation's annual revenue is lost to fraud while financial institutions and telecoms in Uganda lose between 15-20 per cent of annual revenue to …