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Dfcu Blasts ‘Exaggerated’ Fraud Claims

Dfcu Bank has come out with stern condemnation of the rekindled paid-for attacks through local blogs and online publications by its corporate foes.

The latest in this barrage of attacks which the bank termed as “malicious falsehoods” is coursing from a recent case of cybercrime, currently under Police investigation.

The bank in a statement on Monday evening threatened to take legal action against both the publications and their funders.

“The Bank takes these malicious reports seriously and reserves the right to take legal action as well as to refer the authors and disseminators to the relevant law enforcement authorities,” said Dfcu in a statement.

The latest assault on one of the country’s leading financial institutions, stems from a fraud case which officials say has ban grossly misrepresented.

Reports over the past days have been circulating that the bank lost up to Shs 10billlion in a hacking incident.

But officials at Dfcu told us that less than Shs 500million was involved in the scam, contrary to the claims.

“In May 2019, the Bank detected a case of fraud that was immediately reported to the police (CID HDQTRS GEF 604/2019) and investigations are ongoing,” the bank clarified.

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The attempt to “grossly and maliciously” misrepresent this matter according to the bank, is aimed at damaging its reputation, destabilising the banking sector and the economy in general.

Dfcu, according to Bank of Uganda, is one of three ‘domestic systemically important banks’ (DSIBs) in Uganda.

D-SIB means that the bank is too big to fail.

In the ongoing online smear campaign, officials also point out, such cases as the recent one are being painted to look unique and unprecedented, yet several financial institutions in the country have over the years suffered such attacks and worse in the unrelenting global plague that is cybercrime.

In 2017 according to the Uganda cyber security report, companies lost over Sh155.5b in cyber fraud.

Commercial banks, insurance companies, telecoms among others have lately had to deal with a myriad of cases that range from information alteration, money laundering and electronic fraud.

Uganda Police says this trend is especially alarming in developing countries, where dependency on Internet and electronic communication by the commercial sector in business transactions is on a high rise.

Dfcu nonetheless reassured customers, stakeholders and the public that the Bank is safe and sound and continues to focus on its mandate of making more possible for Ugandans through the provision of superior financial services that transform the economy and enhance the well-being of the people.

“As a regulated entity, dfcu subscribes to the highest levels of compliance in its operations including Anti Money Laundering and is subject to regular inspections and examination by the relevant regulators on its conformity with both local and international compliance standards,” the bank stated.

“We urge the public to disregard the continued malicious publications and treat them with the contempt they deserve.”

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