police is investigating situations under which mobile money accounts subscribers have been wiped or stolen in a suspected syndicate.
Electronic funds transfer (EFT) is the electronic transfer of money from mobile phone to another,one bank account to another,bank to phone either within a single financial institution or across multiple institutions, through computer-based systems and without the direct intervention of bank staff.
To provide a variety of adequate payment instruments to the growing corporations and the corresponding increase in their transactions, Bank of Uganda in August 2003 implemented the Electronic Funds Transfer (EFT) for both credit transfers and direct debits. The EFT system provides fast, convenient, reliable and secure domestic payment and collection of funds.
however in a statement published on the weekend 6-7th April, MTN said the company’s attention has been drawn to clients who are complaining about money being withdrawn from their accounts with out their authorization indicating signs of a syndicate being played on them.
In the daily monitor, Mr Val Okecho , the MTN communication manager, is quoted to have told them about how the telecom was aware of the problem with at least eight cases already registered. however he said that without more details, there could be more victims of the syndicate.
the Kampala Metropolitan spokesman Mr Patrick Oyango said that a number of cases similar to this had been related and the police was investigating. these cases had been transferred to CID for further management, however he couldn’t reveal the extent of fraud and the money involved saying millions had been lost in the syndicate in which they suspected to be the work of the information technology experts(IT).
Mr Oyango reports that a number of complaints had been filed with many subscribers claiming withdraw of money from there accounts without there consent.
Last week Ntv reported that a number of mobile money users were being robbed without getting remedy. it also reports that attempts for some of the victims to recover their money had been futile with neither police nor telecoms helping much..
“we are making a break through”are some of the concluding and hope full remarks quoted by The Daily Monitor from Mr Onyango about the investigations being carried out on the cases.