HOW HACKERS STOLE 179M FROM EQUITY BANK

Cybercriminals have executed a massive heist on Equity Bank, absconding with a staggering sum of Sh179 million in what experts are dubbin...

Cybercriminals have executed a massive heist on Equity Bank, absconding with a staggering sum of Sh179 million in what experts are dubbing the largest card fraud incident of the year.

According to a leaked internal memo, the illicit operation saw a sum of Sh179,677,736 siphoned from the bank’s MasterCard GL and funneled into 551 separate accounts.

The letter, penned by Gerald Munyiri, Equity Bank’s General Manager of Security & Investigations, was addressed to the Banking Fraud Investigations Department at the DCI, seeking assistance in apprehending and prosecuting the perpetrators.

Detailing the method of the attack, the letter outlined how the hackers maneuvered the stolen funds from the MasterCard platform to the 551 accounts within Equity Bank and also distributed portions of the loot through M-Pesa.

“On early 15/04/2024, the bank’s risk department detected a surge in transactions originating from the bank’s Incoming MasterCard GL. Preliminary investigations revealed that between 09/04/2024 and 15/04/2024, Ksh. 179,677,736/- was paid out from the GL fraudulently to the 551 Equity Bank accounts,” the letter disclosed.

Furthermore, it stated, “Additionally, Ksh. 63,023,983/- was sent to Safaricom M-Pesa, and Ksh. 39,047,344/- to eleven commercial banks.”

Equity Bank has taken swift action to mitigate the impact of the breach by freezing the affected accounts. Additionally, discussions are underway with Safaricom to trace and recover the remaining funds routed through M-Pesa.

This incident adds to a series of cybersecurity and hacking challenges faced by Equity Bank in recent times, with customers frequently reporting fraudulent activities on social media platforms.

The bank’s cybersecurity infrastructure has come under scrutiny for its vulnerabilities, making it an attractive target for cybercriminals.