TCRA help sought to curb funds theft

Minister Makame Mbarawa 

What you need to know:

The Bank of Tanzania (BoT) and TRA have sought help from the telecoms regulator to plug loopholes in the financial sector that cost institutions and individuals millions of shillings in losses.

Dodoma. Tanzania Communication Regulatory Authority (TCRA) is to assist the central bank and Tanzania Revenue Authority to check growing cases of electronic funds theft.

The Bank of Tanzania (BoT) and TRA have sought help from the telecoms regulator to plug loopholes in the financial sector that cost institutions and individuals millions of shillings in losses.

TRA is also keen on collecting the rightful share in tax from the electronic transactions, with TCRA systems touted as tamperproof.

TCRA Chief Executive Officer James Kilaba yesterday confided to members of the parliamentary committee on communication that the two state owned institutions have sent in nine different requests for development of the desired systems.

Cases of theft of clients’ money through mobile phone transactions as well as Automated Teller Machine (ATM) have been on the increase lately.

Currently, through the Telecommunication Trafficking Monetary System (TTMS) and the Tanzania Computer Emergency Responsive Team (Tz-CERT), TCRA is monitoring the flow of all calls and banking transactions.

Mr Kilaba said the information being requested would enable the institution to foil the on-going money theft through mobile phones and ATMs.

Speaking at the same meeting, Communication, Science and Technology minister Makame Mbarawa said the government was determined to stamp out cybercrimes.

“Most people are being robbed off their money through mobile phones and ATM. We are working round the clock to stamp out the spate that really tarnish the good image of our ministry, and the country at large,” said Prof Mbarawa.

According to the minister, by 2014 a total of Sh1.3 billion had been stolen through ATMs and other on-line banking systems in the country.