Financial Crime World

Ethiopia’s Commercial Bank of Ethiopia (CBE) Faces Surge in Mobile Banking Fraud Cases: Over 1.8 Billion Birr Misappropriated in Four Years

Record Number of Mobile Banking Fraud Cases Reported

The Federal Police Crime Investigation Bureau has issued a warning about a surge in mobile banking fraud cases, primarily targeting customers of Ethiopia’s Commercial Bank of Ethiopia (CBE). According to investigators:

  • 204 court cases involving mobile banking fraud have been reported in the last two months
  • An average of 22 cases per day
  • Significant percentage of these fraud cases involved CBE customers

Commercial Bank of Ethiopia: Primary Target of Fraudsters

Berhanu Abate, Head of the Economic Crime Investigation Department, shared the grim statistics and expressed concern over the increasing trend of mobile banking fraud:

“The Commercial Bank of Ethiopia is the primary target of fraudsters in the current wave.”

Billions Misappropriated from Various Banks in the Last Four Years

At a recent meeting organized by the Ministry of Justice to discuss the rising trend of fraud in the banking sector, officials revealed that:

  • 1.8 billion birr had been misappropriated from various banks
  • Figure does not include the funds stolen from customers through mobile banking fraud

Commercial Bank of Ethiopia’s Losses due to Mobile Banking Fraud

The president of CBE, Abie Sano, acknowledged the seriousness of the situation:

  • Commercial Bank of Ethiopia lost nearly a billion birr to mobile banking fraud in the last four years

Collaborative Efforts to Minimize Risks and Damages

The governor of the Central Bank, Yinager Dessie, expressed agreement with the growing concerns and cautioned about the potential for more sophisticated fraud cases due to advanced technological innovations used in cybercrimes. He urged all stakeholders to:

  • Remain vigilant
  • Work together to hold those responsible accountable

The Minister of Justice, Gedion Timotheos, echoed Yinager’s sentiment and pledged government support in the ongoing fight against financial fraud, especially in the mobile banking sector. All parties present agreed on the importance of collaborative efforts to minimize the risks and damages caused by these illegal activities.