The Chief of the Commercial Bank of Ethiopia has issued a stern warning to customers who illicitly profited from a bank malfunction. The glitch, originating from a faulty software update, erroneously allocated substantial funds to the customers’ accounts.
In a public statement, the Chief assured that individuals who exploited the situation would be held accountable. He further added, the bank aims to uphold transparency and is committed to taking corrective measures to prevent such incidents in future. A rectification plan is under implementation, with an emphasis on reimbursing clients who suffered losses due to the glitch.
The sudden exposure of the glitch led to a spike in attempts to exploit the situation. The bank’s routine operations were impacted significantly, with an increase in illicit transactions and an unauthorized redistribution of the bank’s assets.
Bachani Abdi, the bank’s Head of Technical Operations, pointed to a configuration error as the cause. He assured stakeholders that the issue has been swiftly addressed, preventing potential financial losses.
Addressing illicit profit from bank glitch
To prevent future glitches, he announced the implementation of additional checks and balances.
On tackling the aftermath, the bank, in collaboration with regulatory bodies and law enforcement agencies, is striving to retrieve the misallocated funds. The bank is also engaged in reviewing and enhancing its internal procedures and control systems to avoid repeat incidents.
The exact specifications regarding the funds involved and the number of affected customers remains undisclosed. However, the bank’s stand is clear. They’re determined to resolve the issue and set a precedent for preventing such errors.
In response, the bank has amplified its control systems, and boosted its staff training. It also aims to incorporate advanced technologies, conduct regular audits, and maintain an open dialogue with customers to re-establish trust. The bank maintains stringent commitment towards ethical and legal compliance in its operations.
