The personnel at Centenary Bank Uganda admitted working with a fraudster to steal over Sh100 million (Ugandan Shillings) from a customer’s savings account. In a statement dated October 18, the bank acknowledged the fraudulent behavior and disclosed that their employees and the alleged fraudster had reset the client’s account’s PIN, enabling unlawful transactions.
The bank’s statement claims that the involved employees have been disciplined in accordance with the bank’s zero-tolerance fraud policy. The police, who are in charge of the suspected fraudster’s investigation, have also been made aware of a case.
While investigating additional options to retrieve the stolen monies, Centenary Bank has reimbursed the impacted client. The bank asked customers to report any questionable transactions or texts right away.
The financial company, which was founded by Catholics, highlighted its dedication to protecting consumer cash and upholding a zero-tolerance approach to fraud. Customers were also urged to get in touch with the bank for confirmation prior to approving any requests for information relating to their accounts.
This incident comes after a client accused Equity Bank of being the victim of fraud in which they claimed to have lost Sh10 million. Equity Bank asked clients to report the theft of their phones right away while protecting client privacy.
On social media, views of Centenary Bank’s prompt response to the fraud event have been divided. Others expressed doubts about the reliability of financial institutions in Uganda, especially in light of recent scandals, while some praised the bank for its actions.