Bank of Uganda Acknowledges Inability to Safeguard Ugandans from AI-Generated Fraud

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The Bank of Uganda recently issued a warning regarding the growing threat of artificial intelligence (AI) fraud within the country. According to the bank, AI-driven fraud poses significant challenges and is currently beyond its ability to effectively address. As a result, the Bank of Uganda is advising individuals to remain vigilant, as countering AI-related fraud falls outside its jurisdiction.

Dr. Tumubweinee Twinemanzi, the executive director for supervision at the Bank of Uganda, emphasized the importance of awareness in safeguarding against AI fraud. While acknowledging the limitations in combating this form of fraud directly, he stressed the bank’s commitment to empowering individuals with knowledge to protect themselves against technological threats.

Speaking on financial stability, Dr. Twinemanzi highlighted the bank’s role in ensuring the financial well-being of citizens and combating any activities that jeopardize this stability, including fraudulent practices. He underscored the importance of proactive measures to safeguard the integrity of the financial system and protect consumers from emerging risks, such as AI-driven fraud.

The Bank of Uganda’s stance reflects its dedication to promoting a secure and resilient financial environment, where individuals can transact with confidence and trust in the integrity of the system. By raising awareness and providing guidance on cybersecurity best practices, the bank aims to empower individuals to navigate the evolving landscape of financial technology safely.