In a recent statement on October 18, Centenary Bank Uganda admitted to a case of internal fraud where their staff collaborated with a fraudster to withdraw over Shs100 million from a client’s savings account.
The bank revealed that its staff and the alleged fraudster orchestrated a PIN reset for another client’s account, enabling unauthorized transactions at the bank, resulting in the loss of funds.
Centenary Bank has taken swift action by subjecting the involved staff to disciplinary measures in line with their zero-tolerance policy for fraud.
They have also reported the case to the police for further investigation and legal action against the fraudster.
To address the client’s loss, the bank promptly refunded the affected individual and is actively pursuing other avenues to recover the misappropriated funds.
The bank emphasizes the importance of clients reporting any suspicious account activity or messages immediately for verification. They remain committed to securing their customers’ funds and maintaining a strict stance against fraud.
The Catholic-founded financial institution underlines its responsibility to safeguard customer assets and maintain a fraud-free environment.
Clients are encouraged to contact the bank before granting requests related to their account information.
This incident came to light when a video of a woman, who claimed her money was stolen from her Centenary Bank account, circulated on social media.
The bank promptly initiated an investigation that concluded today.
Notably, a similar allegation of fraud involving Shs10 million from an Equity Bank account was reported recently.
While Equity Bank management didn’t disclose specific details due to confidentiality rules, they reiterated the importance of reporting lost phones immediately to the bank for prompt action and support.
The response from Centenary Bank has generated mixed reactions on social media, with some praising the institution’s quick action and others expressing concerns about the credibility of financial institutions in Uganda, particularly in light of recent syndicated scandals.
