July 14, 2024

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INSA tells what happened to Commercial Bank of Ethiopia

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INSA yesterday held a press briefing to elaborate on what happened to Commercial Bank of Ethiopia a week ago Tigist Hamid, Intelligence Network Security Agency (INSA) shared details after conducting an inquiry.

On 16th March 2024, CBE systems were hit by a technical glitch. Customers made transactions and money transfers exceeding their account balance. All CBE services remained suspended for hours.

Commercial Bank of Ethiopia did not disclose the loss suffered. But experts say that the loss stands around 2 billion birrs. CBE, 2 days ago, issued a deadline telling customers to return money by Saturday March 23 or face criminal charges. In coming hours, CBE is likely to release names and pictures of those account holders who have not returned money so far.

INSA chief yesterday shared finding of the inquiry conducted into last Saturday’s incidents. According to INSA, no cyberattack was carried on CBE systems. Rather the bank system went down during upgradation.

INSA’s presser seems to be an attempt to reassure customers that CBE systems are secure. But INSA did not identify those responsible for the technical glitch.

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