Inside Centenary Bank’s Anti-Fraud Technology Protecting Customers’ Money

As digital banking adoption accelerates across East Africa, concerns over cybercrime continue to grow, with fraudsters increasingly targeting unsuspecting users through sophisticated digital attacks.

According to the Uganda Police Annual Crime Report 2024, cybercrime-related losses in Uganda rose sharply to Shs 72.1 billion, highlighting the scale of the threat and raising concerns about the safety of digital financial systems.

Amid this backdrop, Centenary Bank says it has significantly strengthened its security infrastructure to protect customer funds, combining advanced technology with enhanced internal controls and customer awareness initiatives.

At the core of the bank’s digital transformation is the integration of the Oracle Flexcube core banking system. The platform incorporates real-time monitoring and fraud detection capabilities supported by artificial intelligence, enabling the bank to identify and block suspicious transactions instantly.

The system works by analysing customer transaction patterns and flagging anomalies. For instance, an unusual transaction originating from an unfamiliar location or device can be automatically halted before completion, reducing the risk of financial loss.

Beyond technology, the bank has also reinforced its internal safeguards through a dedicated 24-hour fraud monitoring team and a strengthened Internal Audit Function.

Using data analytics and risk-based monitoring, the audit system continuously reviews transactions and staff access logs to detect and prevent potential internal and external threats.

A bank cybersecurity official noted that the institution has adopted a proactive approach to fraud prevention, combining predictive technology with strict internal controls.

“Our approach focuses on preventing fraud before it happens by leveraging advanced systems and continuous monitoring,” the official said.

Centenary Bank has also placed emphasis on customer involvement in safeguarding accounts. Through its mobile banking platform, CenteMobile, users are equipped with tools designed to enhance security and provide greater control over their finances.

These include real-time SMS and email transaction alerts, two-factor authentication, and immediate account restriction in cases of suspected compromise. Customers can also report suspicious activity through dedicated support channels for prompt response.

Experts note that as cyber threats evolve, financial institutions must continuously invest in technology and awareness to maintain customer trust and system integrity.

While cybercrime remains a growing challenge in Uganda, industry players say strengthened systems, combined with informed customers, can significantly reduce vulnerability and improve confidence in digital banking services.

How Centenary Bank Empowers Customers to Protect Their Money

Instant SMS and Email Alerts: Receive real-time notifications the moment a transaction occurs on your account. If a payment wasn’t authorized by you, you’ll know immediately.

Two-Factor Authentication (2FA): Accessing your CenteMobile app requires multiple layers of verification. Even if someone acquires your password, they cannot access your funds without your physical device or biometric approval.

Compromised PIN Protection: Once you report compromised details, the bank immediately blocks mobile banking access until you verify in person that the threat is resolved. This ensures that even leaked credentials cannot be used to access your money.

Direct Reporting Channels: Spot anything suspicious? Centenary Bank provides streamlined ways to report fraud, including dedicated toll-free hotlines and in-app reporting tools. Their 24/7 rapid response team is always ready to assist.