Mon, Nov 25 2024
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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