Today, I found myself reflecting on all the familiar anti-fraud campaigns: Beera Ku Guard, Beera Steady, Tonfera. Every week, our FinQuotes remind us that fraud doesn’t just steal money; it steals trust. In digital finance, its impact extends far beyond financial loss. It erodes confidence, damages reputations, and weakens the very trust on which digital ecosystems depend.
Our FinQuotes and SafetyFridays campaigns also remind us that fraud evolves every day, and so must our vigilance. Awareness is no longer optional; it is an essential part of navigating today’s fast-moving digital world. Phishing attacks often appear as urgent messages, and verification should always be done before clicking.
I have read those messages. I have shared them. I have even discussed them in professional settings. Yet I still lost UGX 2.5 million to a social engineering scam.
As we mark this year’s World Fintech Day under the theme, “The Next Decade of Fintech: Infrastructure, Interoperability, and Trust for Inclusive Growth,” that experience has taken on a much deeper meaning for me.
For years, I have participated in conversations about fraud, consumer protection, and digital trust. I understand the tactics. I know how fraudsters exploit human behavior. At least, I believed I did.
It began with what appeared to be a legitimate consultancy opportunity with the Danish Refugee Council. The caller spoke confidently about the humanitarian sector, referenced institutions and individuals I knew, and even called my office directly. My colleague verified with me before sharing my contact details, and I approved because everything appeared credible.
I shared my CV, submitted a proposal, provided my personal details, and later my National ID number.
The next request seemed routine. I was told I needed a Certificate of Good Conduct before the meeting. I was introduced to someone who claimed he could process it quickly and email it to me in time. I sent the money to Ahmed Kajjimu to facilitate the process, while Patrick, who claimed to be waiting for me at Rwenzori Courts, assured me we would meet at midday.
Believing everything was in order, I cancelled my morning schedule and focused on preparing for the meeting.
When I finally checked my phone at around 1:30 p.m., neither of the men had called. I tried reaching both of them, but their phones were switched off.
That was the moment it hit me. Banfeze.
I immediately called my colleague, and together we retraced every step of the conversation. Only then did everything become painfully obvious.
The email had come from a Gmail account rather than an official organizational address. The explanation of how they had identified me kept changing. There had never been a formal request for proposals. The certificate fee made little sense. The meeting location was nowhere near the Danish Embassy. The LinkedIn profile they had shared had almost no professional history. At every stage, they manufactured urgency and insisted on using an intermediary to receive the money.
Looking back, what troubles me most is not the money I lost. It is that I failed to follow the very processes we have established to protect ourselves. This was a company opportunity. I should have escalated it to our R&D team for verification, just as we routinely do with potential partnerships and consultancy engagements. Instead, I allowed the urgency of the moment to override good judgment and even paid from my own pocket. I also keep asking myself why I even answered that call in the first place. I rarely pick up calls before 9:00 a.m. unless I am expecting one, yet for reasons I still cannot explain, I answered this one at around 7:30 a.m.
Sometimes, scammers have luck too. That lesson cost me UGX 2.5 million.
Fraud has changed. It is no longer limited to fake emails, suspicious links, or stolen passwords.
Today’s fraudsters invest time in understanding their targets. They learn what matters to you, what motivates you, and what opportunities are likely to capture your attention. Then they build a convincing story around those insights. Looking back, I also realized they approached me at the end of the month, a time when many professionals are balancing deadlines, payments, and competing priorities.
Experience, it turns out, does not make us immune. If anything, experience can create confidence that lowers our guard.
As we commemorate World Fintech Day, perhaps the most important reminder is that trust remains the foundation of every digital financial system. Protecting that trust requires more than technology. It demands disciplined processes, verification, and the humility to pause, ask questions, and seek a second opinion, even when everything appears legitimate.
When I eventually shared what had happened, my colleagues laughed. My friends laughed. Even my children laughed. One of them looked at me and asked, “But how?”
The answer is simpler than I expected. Because I am human. And that is exactly what they were counting on.
The writer is a Fintech Ecosystem Builder and Managing Director at FITSPA.
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