Bank customers in Ethiopia take advantage of a computer failure to withdraw unlimited funds from ATMs

The Commercial Bank of Ethiopia (CBE), the largest in the country, lost millions of dollars due to a computer failure which allowed its clients to withdraw unlimited funds from ATMs.

Customers discovered early on Saturday that they could withdraw more cash than they had in their accounts, the BBC reports.

LOOK: Cyberattacks on cell phones increased by 52% in 2023, with adware as the most used method

In total, more than 40 million dollars to other banks, local media reported.

There was speculation that it could be an attack, but in reality, routine maintenance operations were being carried out when the failure led to chaos.

According to information shared publicly by Abe Sano, the president of the banking entityit was the students who extracted the most money because information about the computer error spread quickly in the universities, through messages on WhatsApp, information shared on social networks or emails.

The financial institution has issued a statement urging students to return the money; those who do so will not be charged with any criminal offense.

“There is no way they can escape because they are [transacciones] digital and they are our clients. We know them. “They are traceable and they are legally responsible for what they did,” the official said.

A CBE employee told the BBC that it was more difficult to track money transferred to other banks than it was to track sums transferred to another CBE account.

The bank was founded more than 80 years ago and has more than 38 million customers.

Source: Elcomercio

Callum

I have worked in the news industry for over 10 years. I have a vast amount of experience in writing and reporting. I have also worked as an author for a number of years, writing about technology and other topics.

I am a highly skilled and experienced journalist, with a keen eye for detail. I am also an excellent communicator, with superb writing skills. I am passionate about technology and its impact on our world. I am also very interested in current affairs and the latest news stories.

I am a hardworking and dedicated professional, who always strives to produce the best possible work. I am also a team player, who is always willing to help out others.