How Hackers Managed To Steal ksh179 Million From Equity Bank in Just A week.
How Hackers Managed To Steal ksh179 Million From Equity Bank in Just A week; According to Equity bank’s risk department, they detected a spike in transactions from the bank’s Incoming MasterCard GL.
The Bank’s risk department revealed that they were able to detect this fraudulent activity on Monday morning after more than Sh100 million had already left the bank’s system via M-Pesa and accounts afiliated to 11 other commercial banks.
The department underscored that the fraud happened between April 9 and 15, before the bank could detect an abnormally high flow of cash from a section of accounts.
Equity Bank General Manager, Gerald stated,”In the early hours of 15 April, the bank’s risk department detected an increase in transactions originating from the bank’s inbound Mastercard GL,”
“Preliminary investigations revealed that Sh179.6 million was fraudulently disbursed from the GL to Equity Bank’s 551 accounts during the period. In addition, investigations revealed that Sh63 million was sent to Safaricom M-Pesa and Sh39 million to 11 commercial banks,” He added
At the moment, Detectives and the bank are working with Safaricom and the respective banks to unravel this mystery, monitor the movement and secure the funds while the suspects are being hunted down.
In a statement from CBK, card fraud happens in many ways, including phishing, where fraudsters send an email or text message that appears to be from your bank or a reputable financial institution.
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