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Warning: Return the Money! The Bank Knows It’s Not Yours and the Police Knows Who You Are!

Ethiopia Bank _ Cash Bonanza
Author provided it

LJDemissie

In the world of banking, being honest is really important. A few days ago, the Commercial Bank of Ethiopia (CBE) had a problem when they were updating their software. Some people, mostly students in college, took out about 40 million dollars, or 2.3 billion Ethiopian Birr, that wasn’t theirs. The bank is asking these people to give back the money on their own before the police get involved.

What Happened? When the bank’s technical team updated the T24 mobile app, they didn’t follow the usual safety steps. The update caused a glitch, and customers were able to withdraw money without the app checking their account balance. This is similar to taking items from your friend’s house without their knowledge or permission after you were invited for a party. Just like your friend could ask you to return their items you took without their approval; the bank is asking those customers to return the money they took that wasn’t theirs. Taking money from the bank that isn’t yours is a crime.

Understanding the Ethiopian Commercial Bank’s T24 Software Update: T24, also known as Temenos Transact, is a comprehensive banking software system developed by Temenos. It handles a wide range of banking operations, including deposits and withdrawals. Used worldwide, T24 assists banks in organizing and managing their operations, much like how Excel from Microsoft Office helps us sort information and solve math problems. It’s a crucial tool for tracking transactions and customer accounts. For the Commercial Bank of Ethiopia, T24 is more than just a tool; it’s an integral part of their mainframe. It plays a vital role in their day-to-day operations, including their mobile banking service.

However, the update didn’t go as planned. Due to inadequate precautions taken by the bank’s programmers, some customers were able to withdraw funds that they didn’t have in their accounts. This incident highlights the importance of following recommended steps when updating systems like T24 to ensure smooth and secure operation of banking services. It underscores the need for careful planning and execution when making updates to such critical systems.

How did the bank find out about the theft? The bank said, the police in Dire Dawa, Ethiopia saw really long lines at ATMs. They found out that people were taking out more money than they had in their accounts, so they told the bank. Right away, the bank stopped letting people take out money. After they fixed the problem, the bank started letting people take out money again. They also told the media what happened and asked the customers, including students, to return the money they took out or transferred that was not in their accounts. Universities said that students who took out or transferred money they didn’t have won’t be able to graduate unless they return the money. Right now, the bank is checking to see how much money was exactly taken out or transferred without being in the accounts.

Based on the preliminary findings, they want everyone to know that this amount of money is not a lot compared to all the money the bank has and that no one’s account was compromised. The Ethiopian Information Network Security Administration also checked things out and assured customers that the bank was not hacked by anyone outside, and everyone’s accounts are safe. They said they will share their findings after they finish their investigation.

The writer, LJDemissie, who received assistance from AI technology developed by OpenAI, can be reached at LJDemissie@yahoo.com or on Twitter at @LJDEmissie.

Editor’s note : Views in the article do not necessarily reflect the views of borkena.com

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