FRAUD: Centenary Bank Admits Staff Member Stole over 100m from Customer’s Account - Daily Post Uganda

FRAUD: Centenary Bank Admits Staff Member Stole over 100m from Customer’s Account

KAMPALA; Centenary Bank has admitted its customer lost over 100m shillings in pin reset fraud, a revelation that sheds light on the growing cases of financial fraud hitting Uganda’s commercial banks.

It started early this week when a customer yet to be identified was recorded crying out to Centenary Bank Uganda at one of its branches after she lost up to 113M shillings in an unknown way.

This comes just weeks after another gentleman called out Equity Bank for stealing 10 million shillings from his savings account.

Centanary bank has concluded investigations and the customer’s money reembursed on her account.

In their press release on Wednesday afternoon the bank acknowledged that one of their staff members connived with the fraudsters to reset the PIN of this customer.
Over 100m was withdrawn from her account mysteriously.

The bank also noted that the staff member has been apprehended but the fraudster is still at large. The bank has taken the blame and refunded the customer’s money with immediate effect as they devise ways to recover it from the fraudster.

“We have discovered that there was connivance between a fraudster and one of our staff to make a PIN reset which enabled transactions at agents where funds were withdrawn.” The statement said..

It continued “The staff has been taken for disciplinary action in line with our zero tolerance to fraud policy. The case has been reported to the police who are handling the fraudster as well”

“The Bank has immediately refunded the client as other means are being sought to recover the funds. We continue encouraging all our clients who may notice suspicious transactions on their accounts or suspicious messages sent to their phones to immediately report to the bank for verification.”

In 2021 Police carried out a thorough investigation on top executives and junior staff at Centenary Bank over allegations of stealing over 3.5bn in forex deals and customers savings.

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