It has been reported that 28 Ethiopian banks lost a total of 1.3 billion birr to fraudsters in the past year. This figure represents an increase of 300 million birr compared to the previous year. Only three banks are said to have been unaffected by the fraud.
The National Bank of Ethiopia released its annual financial security report, which highlights the impact of monetary fraud up to June 2024. According to the report, 28 out of 31 banks in the country were defrauded, with fraudulent activities including the use of counterfeit currency, stolen ATM machines, fake checks, fraudulent phone messages, and other related methods.
The report also indicates that the amount of money lost this year has risen by 300 million birr compared to the same period last year. However, the identities of the three banks that were not defrauded were not disclosed.
The National Bank of Ethiopia noted that banks are increasingly collaborating with small credit and savings institutions to provide loans. The rise in these services, along with a surge in internet fraud, is believed to contribute to the growing financial losses.
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