September 20, 2024

Customers can withdraw millions thanks to an Ethiopian bank mistake.

March 19, 2024
1Min Read
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Because of a technological issue that allowed customers to withdraw and move money that wasn't in their accounts, Commercial Bank of Ethiopia lost more than £31 million.

Over the weekend, there was a systems outage that affected the state-owned bank and lasted for many hours. There is no chance of a cyberattack.

As reported by the BBC, customers used this as an opportunity to make money transfers and ATM withdrawals, taking away more than £31 million.

According to the BBC, the bank has put together a task force in an attempt to recover the money, and several students on college campuses have already been arrested.

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