{"id":66857,"date":"2024-02-14T06:05:33","date_gmt":"2024-02-14T06:05:33","guid":{"rendered":"https:\/\/www.africa-press.net\/uganda\/?p=66857"},"modified":"2024-02-14T05:54:54","modified_gmt":"2024-02-14T05:54:54","slug":"we-cant-protect-you-against-ai-generated-fraud-says-bank-of-uganda","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/uganda\/all-news\/we-cant-protect-you-against-ai-generated-fraud-says-bank-of-uganda","title":{"rendered":"We can\u2019t protect you against AI-generated fraud, says Bank of Uganda"},"content":{"rendered":"

Africa-Press – Uganda. <\/strong><\/span>The Bank of Uganda (BOU) has warned against Artificial-Intelligence generated fraud, with the central bank saying it can\u2019t protect Ugandans from the crime.<\/b><\/p>\n

The fraud which is especially in the line of financial technology spaces (Fintech) has been on the rise in the last decade with major global banking and other financial institutions hit hardest.<\/p>\n

\u201cWe can\u2019t protect you against Artificial Intelligence (AI) generated fraud, but we can arm you with information on how to protect yourself on the technology you use,\u201d Bank of Uganda executive director for supervision Dr Tumubweinee Twinemanzi said.<\/p>\n

He called on mass and individual vigilance against fraud in the era of fast rising AI and continued digitization.<\/p>\n

\u201cNo one can protect you against technology. You protect yourself by making yourself aware of the technology you are using,\u201d Dr Tumubweinee remarked at the third Bank of Uganda Financial Stability Symposium in Kampala on February 13.<\/p>\n

Dr Tumubweinee, who largely blamed fraud on digitization, further emphasized that one of the major roles of the Bank of Uganda is to ensure financial stability but pledged that the central bank is actively cracking the whip on all forms of fraud by all means.<\/p>\n

\u201cThe Role of Bank of Uganda is that we get involved because fraud erodes trust. We shall be issuing the industry with Cyber Security guidelines in terms of how they manage fraud risk and cyber threats,\u201d he guided.<\/p>\n

He added that: \u201cWhen financial institutions submit their internal capital adequacy assessment, I will require them to look at the various risk categories as part of operations. The question then is asked, for that risk category, (fraud risk), what litigants do you have in place, and for any residual risk, what kind of capital are you holding in the event some of this fraud risk materialises,\u201d Dr Twinemanzi said.<\/p>\n

For More News And Analysis About Uganda<\/a> Follow Africa-Press<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

Africa-Press – Uganda. The Bank of Uganda (BOU) has warned against Artificial-Intelligence generated fraud, with the central bank saying it can\u2019t protect Ugandans from the crime. The fraud which is especially in the line of financial technology spaces (Fintech) has been on the rise in the last decade with major global banking and other financial […]<\/p>\n","protected":false},"author":84,"featured_media":66856,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2,5,7,258],"tags":[233,240,234],"class_list":["post-66857","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-economy","category-head-lines","category-to-homepage","tag-africa-press","tag-africa-press-uganda","tag-uganda"],"yoast_head":"\nWe can\u2019t protect you against AI-generated fraud, says Bank of Uganda - Uganda<\/title>\n<meta name=\"description\" content=\"The Bank of Uganda (BOU) has warned against Artificial-Intelligence generated fraud, with the central bank saying it ...\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.africa-press.net\/uganda\/all-news\/we-cant-protect-you-against-ai-generated-fraud-says-bank-of-uganda\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"We can\u2019t protect you against AI-generated fraud, says Bank of Uganda\" \/>\n<meta property=\"og:description\" content=\"The Bank of Uganda (BOU) has warned against Artificial-Intelligence generated fraud, with the central bank saying it ...\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.africa-press.net\/uganda\/all-news\/we-cant-protect-you-against-ai-generated-fraud-says-bank-of-uganda\" \/>\n<meta property=\"og:site_name\" content=\"Uganda\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/AfricaPressTunisiaa\" \/>\n<meta property=\"article:published_time\" content=\"2024-02-14T06:05:33+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/static.africa-press.net\/uganda\/sites\/34\/2024\/02\/sm_1707877387.859965.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1280\" \/>\n\t<meta property=\"og:image:height\" content=\"720\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"cfeditoren\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"cfeditoren\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.africa-press.net\/uganda\/all-news\/we-cant-protect-you-against-ai-generated-fraud-says-bank-of-uganda#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.africa-press.net\/uganda\/all-news\/we-cant-protect-you-against-ai-generated-fraud-says-bank-of-uganda\"},\"author\":{\"name\":\"cfeditoren\",\"@id\":\"https:\/\/www.africa-press.net\/uganda\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb\"},\"headline\":\"We can\u2019t protect you against AI-generated fraud, says Bank of Uganda\",\"datePublished\":\"2024-02-14T06:05:33+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.africa-press.net\/uganda\/all-news\/we-cant-protect-you-against-ai-generated-fraud-says-bank-of-uganda\"},\"wordCount\":326,\"commentCount\":0,\"image\":{\"@id\":\"https:\/\/www.africa-press.net\/uganda\/all-news\/we-cant-protect-you-against-ai-generated-fraud-says-bank-of-uganda#primaryimage\"},\"thumbnailUrl\":\"https:\/\/static.africa-press.net\/uganda\/sites\/34\/2024\/02\/sm_1707877387.859965.jpg\",\"keywords\":[\"Africa Press\",\"Africa Press-Uganda\",\"uganda\"],\"articleSection\":[\"all news\",\"economy\",\"head lines\",\"to-homepage\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/www.africa-press.net\/uganda\/all-news\/we-cant-protect-you-against-ai-generated-fraud-says-bank-of-uganda#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.africa-press.net\/uganda\/all-news\/we-cant-protect-you-against-ai-generated-fraud-says-bank-of-uganda\",\"url\":\"https:\/\/www.africa-press.net\/uganda\/all-news\/we-cant-protect-you-against-ai-generated-fraud-says-bank-of-uganda\",\"name\":\"We can\u2019t protect you against AI-generated fraud, says Bank of Uganda - 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