Banking Fraud in Uganda – How to Stay Safe

As banking and financial services in Uganda grow more digital, fraud schemes have become increasingly sophisticated. From mobile money scams and digital lending traps to impersonation and cheque fraud, fraudsters are creative—and persistent. Here’s a detailed guide to current schemes and actionable strategies to keep your money secure.

1. Common Fraud Schemes in Uganda

Mobile Money & Push Payment Frauds

Scammers frequently send small transfers to your mobile wallet—like UGX 2,000—to prompt you to enter your PIN, while simultaneously initiating larger withdrawals from your account.

“Mobile money initiating scam: Scammers send small amounts… you might mistakenly enter your mobile money PIN… they’ve also initiated a larger withdrawal, often up to 100,000 UGX.”
Reddit

Vishing, Phishing & Smishing

Phishing emails mimic trusted institutions, prompting you to click malicious links or share credentials.
Vishing (voice phishing) involves fake calls claiming to be from your bank, requesting sensitive details.
Smishing (SMS phishing) pushes urgent messages asking for personal or banking info.
MCB Group Absa

SIM Swap Attacks

Criminals replicate your SIM card to intercept OTPs and high-value transactions.
Warning signs include sudden loss of mobile service.
stanbic.co.ug

Cheque / Instrument Manipulations

Forms of fraud include:

Cloned or washed cheques with altered payee or amount
Forged or stolen cheques
Closed-account cheques deposited illicitly
ugandabankers.org

ATM & Card Fraud

Be vigilant when withdrawing or using cards:

Shield your PIN and avoid shoulder surfing
Use ATMs in well-lit, populated areas
Always collect receipts and verify transactions
I&M Group

Impersonation & Fake Offers

Beware of “Hi Mum” scams, fake loan offers, fraudulent WhatsApp requests, and romance scams. Pig-butcher investment scams—fake relationships built only to drain victims—are on the rise.
The Guardian arXiv

2. What You Can Do: Fraud Prevention Tips

Secure Your Devices & Credentials

Never share PINs, passwords, or OTPs
Enable two-factor authentication (2FA) or biometrics where available
Use strong, unique passwords and avoid reusing them
MCB Group I&M Group

Stay Alert to Suspicious Communications

Hang up or ignore unsolicited calls, SMS, or emails requesting personal data
Check sender details carefully, avoiding unfamiliar addresses or links
Absa The Guardian

Protect Your Mobile Money & SIM

Always protect your wallet PIN
If your phone is lost, report to your bank and telecom provider immediately
GCIC Uganda

Monitor Your Accounts

Sign up for transaction alerts
Regularly review your statements for unauthorized activity
MCB Group

Exercise Cheque Caution

Never sign blank cheques, and report lost ones promptly
Return unused leaves after closing accounts to avoid misuse
ugandabankers.org

Practice Safe ATM Use

Shield the keypad and avoid strangers nearby
Check receipts and store them securely or destroy them
stanbic.co.ug I&M Group

3. Reporting Fraud & Getting Help

Absa (for internet banking): Toll-free – 0800 222 333
Absa
Stanbic Bank: Block stolen device and unlink it via settings; contact immediately
stanbic.co.ug
Centenary Bank: Use 0800200555 (MTN) or 0800335344 (Airtel) for fraud reporting
Centenary Bank
Telecom and UCC Contacts:
- Your telecom provider: 100
- UCC: 0800 222 277
  GCIC Uganda

Always report fraud or suspicious activity promptly—swift action increases chances of recovery.

4. Summary Table: Top Risks & Protection Actions

Fraud Type	What to Watch For	Preventive Action
Mobile money scams	Unexpected small deposits followed by larger withdrawals	Never share PIN; report and block immediately
Phishing / Vishing / Smishing	Emails/calls prompting urgency	Hang up; verify via official channels
SIM swap/OTP interception	Sudden signal loss or unexplained transactions	Notify telecom & bank; use SIM protection features
Cheque manipulation	Altered or unauthorized cheque use	Keep cheques secure; monitor statements
ATM & Card fraud	looming figures, stranger proximity at ATM	Shield input; use secure locations
Impersonation scams	Emotional or financial urgency	Pause and verify; don’t act under pressure

Final Thought

Awareness is your strongest defense. By recognizing common tactics, safeguarding your devices, and reacting swiftly when something feels off, you’re better equipped to protect your finances from fraud.