Mary Kyomuhendo, a senior consultant at one of the top Multi-National Companies having its subsidiary branches in Kampala has been battling serious illness following a deadly car she survived narrowly. At one point, she almost lost her job. She had spent about six months in the medical operational theatre due to skull injuries sustained at the time of the accident. Mary was now spending almost Ugx 2m for her monthly on medical treatment. At one time, Mary used her car as collateral security to get Ugx 10m loan from John, a local prosperous business man operating a whole sale shop…
Cybercrime on the surface web
There are three levels of internet. The normal web. The deep web. And the dark web. Normal internet users access the surface web. You type any website in the any browser like Google chrome, you will be accessing the website on the surface web. Figure 1: surface web page Websites of all legal companies operate at the surface web. Many of these sites use cache on their sites. This means they will collect some information from you when you visit the sites. The objective is to improve your experience while on their website. Read the full article here
The only way to overcome fraud challenges
When I was in prison, visiting, an inmate came right after my presentation and said “Mustapha I really appreciate your talk on in-mate reformation. But how do you advise someone like me serving a jail term for a crime I never committed?” This was my first face to face with a victim of fraud, 10 years ago. Then an Accounts Officer at a local NGO, the victim was serving a jail term for misappropriation of petty cash. He was a young accountant in his first job. He explained to me that he had been requested by his supervisor, the Finance…
The rise and fall of Victoria Basin Savings and Microfinance Cooperative Trust Ltd (VBS)
The demise of Victoria Basin Savings and Microfinance Cooperative Trust Ltd was a big blow to so many people’s livelihood. Founded in 1990, this once vibrant entity started operating as a building society and then transformed into a SACCO. It became an immediate success. However, changes in the legal status (from a building society into a SACCO) called for better ways of doing things especially an effective and independent Board of directors to provide effective oversight, risk management and going concern. Unfortunately, its leadership and members did not respond to the new realities. It was reported that one of its…
Bank loan fraud scheme uncovered
After several years of investigating fraud, I have come to the realization that in many cases, internal staff are involved in one way or the other. It is so difficult to pull off a fraud without involving an insider. When it comes fraud examination, everyone is a suspect until proven otherwise. I have found it important to take everyone’s statement to account for their time, roles and activities immediately before, during and after the fraud or theft incident. Looking carefully through those statements, you get to realize how some of their information is inconsistent either in an attempt to protect…
Improving the lives of victims of HIV/Aids
James Kakoma Junior a diploma holder in Accounting and Finance is the financial officer at Need Help, a local NGO that provides financial support to victims of HIV/AIDS and street children. In 2014 the NGO applied for a grant from partner donors to help reach areas of Eastern Uganda more specially Iganga, Mbale and Tororo and it was successful in receiving a grant of Ushs. 1.5 Billion. James has worked with the NGO for the last 5 years and he is an excellent performer. James recently completed his degree in Accounting and Finance and he expects a promotion due to…
