Uganda, Feb. 5 -- Uganda is moving towards a cashless society as consumer behaviour shifts to digital channels such as card payments that offer speed, convenience and a seamless experience.

The Bank of Uganda's Financial Stability Report shows this trend clearly with the number of active cards and the value of payments through debit cards increasing by 22 percent and 23.5 percent, respectively, while the amount of money transferred through credit cards has grown by 60.7 percent, and the number of transactions processed through point-of-sale (POS) terminals has risen by 10.4 percent.

However, amid the countless gains, a familiar adversary remains. Fraudsters are increasingly refining their techniques.

Reports from the Uganda Bankers Ass...