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E. A. countries lose billions from fraud, cyber-crime

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Denzel Musumba

Denzel Musumba

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Cases of fraud and Cyber-crime are costing East African countries billions of dollars but the rackets remain shrouded in secrecy because the affected companies prefer to suffer in silence, 'safeguarding' their reputations.“With improving security measures, racketeers no longer use weapons or other physical means to conduct their transgressions. The trend now is shifting from this form of tangible crime to brain-driven or virtual ones,” said Mr Sosthenes Bichang'a the International Coordinator and Representative for Africa of the Forensic Certified Public Accountants.At the center stage of this modern-day forms of crime, according to the expert, is Nigeria, a country notorious for initiating virtual crime schemes that have been causing huge monetary losses from local companies, corporate institutions, banks and individuals in especially East African region.

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