A day after the reported compromise of Ethiopia’s state-owned bank – Commercial Bank of Ethiopia – which reportedly led to a loss of over six billion birr within hours due to fraudulence, the bank has reportedly formed a task force to go after those who took advantage of the digital banking “system failure” to withdraw or transfer huge amounts of money.
Wazema radio reported on Sunday that it had heard about it from close sources – apparently from within the bank. Members of the task force are drawn from security forces and experts from the National Bank of Ethiopia, and it aims to recover the money that was illegally transferred or withdrawn within six hours starting last Saturday midnight (local time).
The source indicated that the Commercial Bank of Ethiopia does not yet know the amount of money it lost, but it indicated that over six billion birr worth of transactions were conducted in a matter of six hours, and over 25,000 money transfers were made.
Also, Wazema cited Fortune, a local newspaper, as saying that 66,000 Commercial Bank of Ethiopia clients were affected by the situation. From the report, the bank does not seem to be interested in confirming the amount of money that it said to have lost during the six hours of unexplained failure to the bank’s digital banking system.
No Comment Found.