2024 Commercial Bank of Ethiopia glitch incident
 | This article may require copy editing for grammar, style, cohesion, tone, or spelling. (March 2024) |
 Commercial Bank of Ethiopia Headquarters (on the left of image) in 2022. | |
| Date | 15 March 2024 |
|---|---|
| Duration | 12 a.m. – 3 a.m (local time) |
| Type | |
| Cause | Under investigation |
| Outcome | CBE asked customers to return $40 million[1] |
On 15 March 2024, the Commercial Bank of Ethiopia (CBE) reported to have glitching issues for night between 12 a.m. and 3 a.m. Customers withdrew large amount of cash (more than 40 million dollar) that their account haven't and accessing indefinite ATM withdrawal. CBE released five notes less than within 24 hours, describing the bank failure by systemic problem in its branch level.[2] Abe Sano, the president of CBE told that much of money withdrew by students.[3] News of the glitch spread across university via messaging app and phone calls. According to BBC Amharic, students who withdrew money in western Ethiopia queued to access ATM machine after which police officers approach to campus for stoppage. Dilla University student said a number of his peers retrieved money from CBE between midnight and 02:00 local time.[4]
CBE stated that the glitch was motivated by economic and political reason, believing the transaction of large amount of money from ATM machines is general systemic problem. About 490,000 transactions (both legal and illegal) were completed which lasted around midnight to dawn.[5] Freezing transaction took hours for the bank. During an interview with BBC's Newsday programme on 20 March, President Abe warned customers to return money, saying "those who do not return money that is not theirs will be prosecuted".[6]
On 16 March, the National Bank of Ethiopia (NBE) issued statement on the cyber attack that reads:
Banks regularly carry out security checks and make updates on their systems to deliver speedy and secure services. The changes that result from these updates and inspection works may cause interruption on banking services.
NBE convinced that the interruption of CBE service was largely of maintenance work.[7] Elias Meseret, an AP journalist told that they acknowledged witness who commit the financial breach by saying: "Many people, especially university students have taken money from the commercial bank of Ethiopia ATP or have transferred money online."[2]
References
- ^ "Customers asked to return $40M after chaotic bank glitch: report". Business Insider. Retrieved 20 March 2024.
- ^ a b Account (2024-03-17). "Ethiopia's state bank system compromised for hours ; loss undisclosed". Borkena Ethiopian News. Retrieved 2024-03-20.
- ^ "They're in the money! Ethiopian bank glitch pays out millions". euronews. 2024-03-19. Retrieved 2024-03-20.
- ^ "Commercial Bank of Ethiopia glitch lets customers withdraw millions". 2024-03-18. Retrieved 2024-03-20.
- ^ Standard, Addis (2024-03-19). "CBE reports massive cyber-attack attempts amid internal "glitch" causing loss of millions of birr". Addis Standard. Retrieved 2024-03-20.
- ^ "Commercial Bank of Ethiopia head warns 'no escape' for clients who profited from glitch". 2024-03-20. Retrieved 2024-03-22.
- ^ "Central Bank Says Disruption Of CBE Digital Banking Service Occurred Due To System Update, Inspection Works". Fana Broadcasting Corporate. 20 March 2024.