Exposed! How Centenary Bank Staff Connived With Fraudster To Withdraw  Over 100M Client’s Money

Exposed! How Centenary Bank Staff Connived With Fraudster To Withdraw  Over 100M Client’s Money

 By Spy Uganda

Kampala: The management of Centenary Bank Uganda has finally confirmed that one of  their employees connived with a fraudulent individual which led to the withdrawal of a client’s savings exceeding Shs100m.

According to Centenary Bank their staff whose identity they have not revealed and the suspected fraudster collaborated to initiate a PIN reset on a customer’s account, enabling transactions at the bank and subsequent withdrawal of funds.

”We have discovered that there was connivance between a fraudster and one of our staff to make a pin reset which enabled transactions at the agents where funds were withdrawn. The staff involved has faced disciplinary action in accordance with our stringent anti-fraud policy” Centenary Bank said in a statement.

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The bank further added that the matter has been reported to the police who were handling the case

The bank has refunded the affected client and is pursuing other avenues to recover the misappropriated funds. They urged customers to promptly report any suspicious transactions or messages on their accounts or phones for verification.

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          Statement From Centenary Bank

 

Additionally, the Catholic-founded bank reiterated its commitment to safeguarding its customers’ funds and maintaining a zero-tolerance stance on fraudulent activities. Customers were advised to contact the bank before authorizing any requests regarding their account information.

The development follows a video that  went viral on social media depicting a woman lamenting the alleged theft from her Centenary Bank account, prompting the bank to launch an investigation.

Of recent, similar accusation surfaced regarding Equity Bank, where a customer claimed to have lost Shs10m through fraudulent transactions. Although Equity Bank management did not come out to address the allegations.

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While it remains unclear how the allegations against Equity Bank were addressed, the bank’s management acknowledged their engagement and support for the affected customer and relevant authorities to resolve the issue.

Centenary Bank’s prompt response has sparked a diverse reaction from social media users, with some commending the institution and others expressing concerns about the credibility of financial institutions in Uganda, often linked to what some term as ‘syndicated scandals’ that will never end if lasting solutions are not put in place.

 

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