Uganda-based police hunt for mobile money hackers

Monday 12 October 2020 13:46 CET | News

The Uganda-based police force has begun searching for hackers who accessed the systems of a third party that processes phone-based transactions.

Among the companies affected we can find MTN Group and Standard Bank Group’s local units. The fraudsters got into the mobile-money systems and stole funds, as stated by the Criminal Investigation Department. Investigations will help identify how the systems were hacked, the people involved, and the amount of money stolen, according to Bloomberg.

Mobile money, as it’s known, is popular in Africa for making payments for everything from groceries to utility bills, with options to borrow, save, and invest using almost any type of cell phone. The system has become indispensable that governments also uses it for services, and breaches would have far-reaching impact.

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Keywords: Uganda, mobile money, hackers, fraudsters, third party, phone-based transactions, MTN Group, Standard Bank, mobile-money systems, Criminal Investigation Department, Bloomberg, utility bills, payments , cell phone
Categories: Payments & Commerce
Countries: Uganda
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Payments & Commerce

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