Equity Bank has recently disclosed a significant loss of Kshs179,677,736 million due to fraudulent card transactions occurring between April 9th and April 15th, 2024. The fraudulent activity involved payments to 551 Equity Bank account holders, as stated in a letter signed by Gerald Munyiri, the General Manager of Security & Investigations at Equity Bank Kenya, addressed to the Banking Fraud Department of DCI.
Munyiri explained that the fraudulent transactions were identified on April 15th, 2024, following an observation by the bank's risk department of an unusual increase in transactions from the Bank’s Incoming Master Card GL. Preliminary investigations revealed that a total of Kshs179,677,736 was illegitimately disbursed to the 551 Equity Bank accounts during the specified period.
Additionally, it was found that Kshs62,023,983 was fraudulently transferred to Safaricom Mpesa and Kshs39,047,344 was sent to 11 Commercial Banks. Equity Bank has taken immediate action by freezing over Ksh 60 million in the affected accounts and is urgently urging the Banking Fraud Investigations Department to apprehend the perpetrators.
This incident follows closely on the heels of a previous fraud case involving Equity Uganda Banking staff, resulting in the loss of Shs62 Billion due to fake loans disbursements to unqualified account holders.
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