Stanbic Bank Uganda has launched a new campaign aimed at helping customers recognise and avoid the growing number of digital and cyber-enabled fraud schemes targeting bank users.
The campaign, called ‘Stay Switched On’, seeks to give customers practical information on how to protect their money, personal information and banking credentials as more Ugandans turn to digital banking and electronic payments.
Speaking at the launch, Stanbic Bank Head of Coverage Sam Bulenzi said protecting customers from fraud was an important part of the bank’s contribution to Uganda’s economic growth.
“At Stanbic Bank, we believe that driving Uganda’s growth is our moral obligation, but this goes beyond financing businesses and enabling transactions. It also means protecting our customers from the growing threat of financial fraud,” Bulenzi said.
He said economic growth would mean little if individuals and businesses continued to lose their savings and earnings to fraudsters.
“You cannot build wealth, grow businesses or strengthen the economy if the gains people make are constantly at risk of being lost to fraud,” he said.
Bulenzi said the campaign was intended to help Ugandans develop safer banking habits and use digital financial services with greater confidence.
“The ‘Stay Switched On’ campaign is about empowering Ugandans with the knowledge they need to bank safely and confidently in an increasingly digital world,” he said.
The campaign is linked to Stanbic Bank’s purpose, ‘Uganda is our home, we drive her growth’. The bank says economic development depends not only on making financial services more accessible, but also on protecting the money that individuals and businesses work hard to earn.
Uganda has experienced rapid growth in digital banking and electronic payments in recent years. Mobile and online banking have made it easier for people to send and receive money, pay bills, and conduct business without physically visiting a bank.
But the increased use of digital financial services has also created new opportunities for fraudsters, who are developing more sophisticated ways of tricking customers into giving away sensitive information or approving transactions.
Stephen Adatu, vice-chairperson of the Fraud and Forgery Subcommittee at the Uganda Bankers Association (UBA), said digital and cyber-related fraud now accounts for nearly one-third of all fraud cases reported in the banking industry.
He said the figures showed why customers needed to play a more active role in protecting themselves from fraud.
“Fraud is an industry-wide challenge. Initiatives such as the ‘Stay Switched On’ campaign are important because they help shift fraud prevention from being viewed solely as the responsibility of banks to becoming a shared responsibility between financial institutions and customers,” Adatu said.
He said fighting fraud required cooperation between banks, their customers and other stakeholders across the financial sector.
Stanbic Bank Head of Fraud Risk Sophia Nakazibwe said fraudsters were increasingly targeting people rather than trying to break directly into banking systems.
She said scammers often use trust, fear and urgency to persuade victims to reveal information that can give them access to their accounts.
“Today’s fraudsters are highly organised and increasingly sophisticated. They exploit trust, fear, urgency and even people’s willingness to help others,” Nakazibwe said.
“In many cases, they do not need to hack into banking systems because they manipulate customers into revealing their own passwords, PINs or one-time passwords.”
Nakazibwe said customer awareness was therefore one of the strongest tools in preventing fraud.
She urged customers never to share confidential banking information, including their PINs, passwords and one-time passwords, with anyone.
She also advised customers to be cautious when they receive unexpected calls, text messages or other communications claiming to come from a bank or financial institution.
Customers should verify the source before responding to such messages or taking any action involving their money or personal information.
“‘Stay Switched On’ is ultimately about changing behaviour. We want every customer to pause before responding to unexpected requests for money or personal information, verify the source, and remember that Stanbic Bank will never ask for their PIN, password or one-time password,” Nakazibwe said.
“A few moments of caution can prevent devastating financial losses,” she added.
At the centre of the campaign is the Stanbic Bank Uganda Security Centre, an online platform that provides customers with information on common fraud schemes and practical steps they can take to protect themselves.
The platform covers threats including phishing, unauthorised SIM swaps, ATM fraud and social engineering.
Phishing involves fraudsters pretending to be trusted individuals or organisations in order to trick people into providing sensitive information. Social engineering involves manipulating victims through deception, pressure or other psychological tactics.
The Security Centre also provides guidance on protecting banking credentials and digital devices, as well as information on how customers can report suspicious activity.
Stanbic said the campaign is intended to encourage customers to remain alert and take responsibility for their own financial security as digital banking continues to expand.
