Equity Bank, one of Kenya’s leading financial institutions, has recently become a victim of cybercriminals who stole an enormous amount of Sh179 million, making it the largest card fraud incident of the year.
A leaked letter, addressed to the Director of the Banking Fraud Investigations Department at the DCI, unveiled the alarming theft of Ksh 179,677,736 from 551 customers due to debit card fraud.
The saga began when Equity Bank’s risk department detected suspicious activity on April 15, 2024, stemming from their MasterCard GL.
Upon further investigation, it was uncovered that between April 9th and 15th, hackers illicitly siphoned off over Ksh. 179 million to these 551 accounts.
”’Early on April 15, 2024, the bank’s risk department discovered an upsurge of transactions emanating from the bank’s incoming MasterCard GL. Preliminary investigations revealed that between April 9th and April 15th, Ksh. 179,677,736 was paid out from the GL fraudulently to the 551 Equity Bank accounts.”’ the letter states.
The letter, signed by Gerald Munyiri, the General Manager of Security & Investigations at Equity Bank, reveals that a portion of the stolen funds, Ksh. 63 million, was funneled into Safaricom Mpesa, while Ksh. 39 million found its way to eleven other banks.
In response, Equity Bank has taken immediate action, locking down over Ksh. 60 million in the affected accounts.rgently seeking assistance from the Banking Fraud Investigations Department, they are determined to track down the perpetrators and prevent further losses.
