In a recent incident, Centenary Bank of Uganda has confirmed that its staff collaborated with a fraudster to withdraw over Shs100 million from a client’s savings account. The bank discovered that its employees, in conjunction with the alleged fraudster, initiated a PIN reset on the client’s account, enabling them to carry out transactions at the bank to withdraw the funds.
The bank promptly responded to the situation by taking disciplinary action against the involved staff, aligning with their zero-tolerance policy for fraud. Additionally, they reported the case to the police, who are now handling the alleged fraudster.
Centenary Bank has already refunded the affected client and is actively pursuing means to recover the stolen funds. The bank urges all clients to report any suspicious account transactions or messages immediately for verification.
The bank, known for its Catholic foundation, emphasizes its commitment to safeguarding its customers’ funds and maintaining a zero-tolerance stance against fraud. They also encourage clients to contact the bank before authorizing any requests related to their account information.
Recently, a video circulated on social media, showing a woman who claimed her money was stolen from her Centenary Bank account. This video prompted the bank to initiate an investigation, which has now concluded with these findings.
Notably, a similar case involving an alleged loss of Shs10 million from an Equity Bank account surfaced last week. However, Equity Bank management did not disclose the specific circumstances of the incident due to customer confidentiality rules. Instead, they urged customers to report the loss of their phone to the bank immediately.
It’s important to mention that local press could not independently verify how the Equity Bank fraud allegations were handled. The bank’s management has stated that they are engaging with the affected customer and relevant authorities to resolve the matter.
The Centenary Bank’s response to this incident has generated mixed reactions on social media. While some have applauded the bank’s swift action, others are expressing concerns about the credibility of financial institutions in Uganda, which have faced what some term as ‘syndicated scandals.’
