Centenary Bank Uganda Acknowledges Fraud Involving Staff and Fraudster, Takes Swift Action to Address the Issue

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Centenary Bank Uganda has acknowledged that its staff collaborated with a fraudster to withdraw over Shs100 million (Ugandan Shillings) from a client’s savings account. The bank confirmed the fraudulent activity in an October 18 statement, revealing that their staff and the alleged fraudster initiated a PIN reset on the client’s account, allowing them to make unauthorized transactions.

According to the bank’s statement, the staff involved has been subjected to disciplinary action in line with the bank’s zero-tolerance fraud policy. A case has also been reported to the police, who are handling the investigation of the alleged fraudster.

Centenary Bank has refunded the affected client while pursuing other means to recover the stolen funds. The bank urged its clients to promptly report any suspicious transactions or messages they encounter.

The Catholic-founded banking institution emphasized its commitment to safeguarding customer funds and maintaining a zero-tolerance policy towards fraud. Customers were also encouraged to contact the bank for verification before authorizing any requests related to their account information.

This incident follows a similar allegation against Equity Bank, where a client claimed to have lost Shs10 million due to fraud. Equity Bank, while maintaining client confidentiality, urged customers to report the loss of their phones immediately.

The swift response by Centenary Bank to address the fraud incident has generated mixed reactions on social media. Some individuals commended the bank for its actions, while others expressed concerns about the credibility of financial institutions in Uganda, particularly in light of recent scandals.

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