It is suspect that more than a million dollars have been looted by cybercriminals who attacked Uganda's mobile digital payment system over the week although the incidence has not been verified by the telecom companies or banks. Stanbic Bank and the mobile operators MTN and Airtel have admitted there was an incident in which more than 20 million people using mobile payment platforms have been affected since Saturday. But inter-network mobile money transactions between MTN and Airtel Uganda customers have been postponed in the meantime whereas the intra-network mobile money services among MTN Uganda or Airtel Uganda subscribers continue to be active.
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Telecom demon MTN has described the hacking - which targeted the company that shifts the money to Pegasus Technologies - as "unprecedented" because of the scale and magnitude of the crime. For they seek to investigate the mobile digital payment system could be out of commission for a month as investigations continue. Internet use has also been disrupted because owners of mobile devices use money transfers to pay for data. As per the source, mobile transactions are worth more than $7bn (£5.4bn) a year in Uganda.
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The company described the Cyberattack as remarkable. They also apologized to customers for the inconvenience brought to them by the hack and promised to restore services as soon as possible. 46 million people of Uganda population 13 million subscribers are of MTN and Airtel Uganda possesses about 10 million subscribers. Due to the hacking incident, subscribers may start to have doubts regarding the security of their mobile money/bank accounts. Therefore, MTN and Airtel Uganda will be very keen to recover customer confidence shortly by resolving this incident and avoiding a repeat.
