Uganda, March 9 -- The drive towards a cashless society was meant to eliminate cash-based crimes, but new data shows that it has done the opposite.

Due to this vulnerability brought on by the digitisation of banking and commerce, many people are now more vulnerable to fraud, money laundering, and hacking. Uganda Police's records show that cybercrime has cost Ugandans more than Shs20 billion since 2022.

While announcing I&M Bank's new core financial system early this month, Mr Robin Bairstow-the lender's chief executive-noted that its biggest fear is not the hackers that prowl banking systems but identity theft.

"They now mostly hack your email address," he said of hackers, adding, "I suggest that everyone should go and change passwords...