The Banking Fraud Unit is currently pursuing a group of hackers responsible for a significant cyber heist, where they successfully siphoned off a staggering sum of Sh179 million from 155 accounts held at Equity Bank.
The fraudulent activity, spanning over a seven-day period, came to light after Equity Bank’s Risk Department detected suspicious transactions.
By the time the bank intervened, over Sh100 million had already been transferred out of the bank’s system, with funds being channeled through MPesa and accounts held at 11 other commercial banks.
In a formal communication to the Banking Fraud Unit, Equity Bank outlined the timeline of the attack, highlighting the period between April 9 and April 15 as the window during which the fraudulent transactions occurred. The bank’s General Manager for Security and Investigations, Gerald Munyiri, reported an alarming surge in cash movements from specific accounts, prompting an immediate investigation.
Preliminary findings revealed that a total of Sh179,677,736 had been illicitly withdrawn from the bank’s Mastercard GL into 551 bank accounts. Additionally, Sh63,023,983 was routed to Safaricom Mpesa, while Sh39,047,344 found its way into accounts at various other commercial banks.
Equity Bank has initiated collaborative efforts with Safaricom to trace the whereabouts of the misappropriated funds, which are suspected to have been stolen by a group of Kenyan hackers, potentially with assistance from abroad. The investigation into this elaborate cybercrime continues as authorities work to bring the perpetrators to justice and safeguard against future breaches.
