Ethiopian bank reportedly calls out customers for glitch money. Remember when the Commercial Bank of Ethiopia experienced a systems glitch that allowed customers to withdraw or transfer more than what they had in their accounts?
Well, some customers after the whole incident returned the money, while some on the other hand did not, and the bank has taken matters into their own hands by calling them out.
Ethiopian Bank Calls Out Customers
The Commercial Bank of Ethiopia (CBE) has taken a strong stance against customers who reportedly took advantage of a technical issue to withdraw or transfer more money than they had in their accounts. This incident occurred last month when a systems glitch occurred, allowing CBE customers to access funds beyond their account balances.
Reports suggest that a large portion of the excess funds was taken by university students, resulting in approximately 490,000 transactions before CBE became aware of the situation.
The Ethiopian bank has stated that it has successfully recovered nearly three-quarters of the $14 million lost during the glitch. However, CBE is not taking the matter lightly and has issued warnings of legal action against individuals who fail to return the extra funds. As a result of these warnings, thousands of customers have already returned the excess cash.
The CBE’s Effort to Further Address the Issue
In an effort to further address the issue, CBE has taken the unusual step of publicly identifying alleged culprits by posting their photos outside bank branches in Addis Ababa. Additionally, the bank has published the names and account numbers of these individuals on its website, a move that has been described as a digital takedown.
Despite the severity of the situation, CBE remains confident in its ability to track down those responsible for misusing the funds. With a customer base of over 38 million account holders, the bank believes it has the resources and capabilities to identify and hold accountable any individuals who have engaged in fraudulent activities.
The CBE’s Actions Demonstrate Its Commitment to Maintaining the Integrity of Its Banking System
Overall, CBE’s actions demonstrate its commitment to maintaining the integrity of its banking system and ensuring that customers adhere to ethical and legal standards when conducting financial transactions.
Through its proactive approach and enforcement measures, CBE aims to deter future instances of misconduct and safeguard the interests of all stakeholders involved.
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