Ethiopia's Commercial Bank System Glitch

SOURCE www.foxnews.com
Ethiopia's biggest bank recovers nearly 80% of lost cash due to system glitch that allowed customers to withdraw more money than they had in their accounts. $14 million was withdrawn or transferred, with some individuals yet to return the money.

Key Points

  • System glitch allowed customers to withdraw more money than they had in their accounts
  • Glitch caused by routine system update and inspection, not a cyberattack
  • Amount lost initially reported as $40 million, with $14 million withdrawn or transferred

Pros

  • Bank was able to recoup a significant portion of the lost funds
  • Around 15,000 people voluntarily returned the funds that were taken illegally

Cons

  • 567 individuals haven't returned money that is not theirs