Commercial Bank Of Ethiopia Loses Millions in Digital Heist :2024

A few hours glitch in the digital banking infrastructure of Ethiopia’s state-owned Commercial Bank of Ethiopia led to an 800-million-birr heist. The system error which occurred on March 15, 2024, allowed users to transfer funds exceeding their account balances and withdraw money from ATMs despite insufficient funds. CBE’s President Abie Sano revealed figures related to the heist ten days after the incident. Over 25,000 accounts were involved in around 238,000 transactions.