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.
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.
Like
Dislike
Love
Angry
Funny
Pray
Super
Juniper leads the way in innovative insurance coverage for reproductive health.
April 12, 2024
Finastra introduces a small business DFA 1071 compliance data gathering module.
April 12, 2024
.png)
Comments 0