A critic of the legal and economic effects of bank fraud in Uganda
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Date
2015-06
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Publisher
Kampala international international: School Of Law
Abstract
This research explores a critic of the legal and economic effects of Bank Fraud in Uganda. The Uganda financial system is currently composed of both regulated and non-regulated institutions. The central bank is mandated to regulate, supervise and discipline financial institutions in order to maintain their safety and soundness. The financial system supports the economy since it is the vehicle through which savings are mobilized and then channeled to investment. This intermediation role can only be successful if the general public has trust in financial institutions, especially confidence in ensuring safety of the deposits. The regulated segment is composed of fifteen commercial banks, seven credit institutions, and three Micro-Finance deposit taking institutions, insurance Companies and the Stock exchange. This research has managed to investigate on Uganda's financial sector, the loopholes in Uganda's financial sector and the history of Bank Fraud in Uganda. Bank frauds take various forms ranging from alteration of cheques and 1or counterfeit to skimming or cloning of cards. It further investigated the forms and causes of Fraud including cheque fraud, credit card and debit card fraud, deposit slip scam and money laundering, mobile money scams and other causes of fraud in the country. The research further examined the measures that can help in fraud control such as fraud identification, prevention and detection, fraud management mechanism and consumer education/training programmes including online fraud detection systems and recommendations and findings from the Bank of Uganda and other financial institutions have been analyzed to come up with a conclusion and recommend necessary measures to the concerned stakeholders
Description
A research report submitted to the faculty of law in partial fulfillment for the award of a bachelor’s degree in laws of Kampala international university
Keywords
Cyber law, Legal and economic, Bank fraud, Uganda