How Centenary Bank Staff Connived with Fraudster to Steal Money from a customer’s account

How Centenary Bank Staff Connived with Fraudster to Steal Money from a customer’s account

The management of Centenary bank Uganda has acknowledged that their staff connived with a fraudster and withdrew a client’s savings worth over Shs100m.

According to the October 18 Centenary bank statement, the bank discovered that their staff and alleged fraudster initiated a PIN reset on one other client’s account which enabled transactions at the [bank] where funds were withdrawn.

“The staff has been taken for disciplinary action in line with our zero tolerance to fraud policy,” read part of the Centenary bank public statement posted on their X (Twitter) handle.

Adding that; a case has been reported to the police who are handling the fraudster as well.

The bank has also refunded the client as they pursue other means 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,” the bank noted.

The Catholic founded banking institution also reiterated its obligation to ensure safety of funds of its customers as well as zero tolerance to fraud.

Bank customers have also been encouraged to contact the bank before authorizing any request regarding their account information.

This week a video of a woman crying for her money that was allegedly stolen from her centenary bank account has been making rounds on social media which attracted the bank’s attention to investigate the matter until today when the investigation was concluded.

Last week, a similar allegation was made on Equity bank where one of the institution’s clients alleged to have lost Shs10m in fraud from his account.

However, Equity bank management without revealing the exact circumstances under which alleged fraud incident occurred noted that; “Whereas we are bound by the client confidentiality rule and therefore cannot disclose customer interactions in the media, we wish to reiterate our message to all our customers that in the event of loss of their phone, they should immediately report to the bank.”

We could not independently establish how the Equity bank fraud allegations were handled, but the bank management earlier revealed that it was engaging and supporting the affected customer and other relevant authorities to resolve the matter.

The Centenary bank swift response has since attracted mixed reactions from the social media users’ with some applauding the institution while others express their concern about of credibility of the financial institutions in Uganda which have continued to involved in what some has termed as ‘syndicated scandals’

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