Rédaction Africa Links 24 with Addis Standard2
Published on 2024-03-26 08:44:39
Abe Sano, the President of the state-owned Commercial Bank of Ethiopia (CBE), made an announcement regarding the recent “system glitch” that resulted in a vulnerability of approximately 801.4 million birr to theft. It was reported that 25,761 customers of the bank were involved in withdrawing cash from ATMs and making digital transfers.
As of the latest update, CBE has successfully recovered 662.9 million birr, which accounts for 78% of the lost funds. The remaining 118 million birr that was transferred to other banks is expected to be recouped this week, as CBE has requested these banks to freeze the funds.
Immediately after the incident, the bank was able to reclaim 44.6 million birr from 10,727 customers who had sufficient funds in their accounts. The following day, they recovered 205.8 million birr from 15,008 customers, despite their account balances being insufficient. Furthermore, 9,281 customers voluntarily returned the full amount they withdrew, totaling 223.4 million birr, while 5,160 customers returned a portion of the withdrawn funds.
However, there are 567 clients who have not returned a total of 9.8 million birr they withdrew, either partially or in full. CBE has stated that it will be posting the names of these individuals alongside their bank details and will pursue legal means to ensure accountability if the funds are not returned by Saturday.
Abe Sano emphasized the bank’s determination to recover all of its money, stating that the remaining 178 million birr is not a significant amount for the bank. He also highlighted the ongoing investigation into the system glitch, noting that it was caused by the system reversing transactions carried out during the period.
The incident on March 16, 2024, allowed customers, particularly university students, to withdraw cash and transfer large sums of money due to a “glitch” caused by a “system upgrade.” CBE reported that it has been the target of numerous cyber-attack attempts, successfully thwarting nearly 28,000 of them since 2022.
In conclusion, CBE is working diligently to recover the remaining funds and ensure accountability for all parties involved in the “system glitch” incident. The bank remains committed to maintaining the security and integrity of its financial operations despite facing challenges from external threats.
Read the original article on Addis Standard
