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Equity Bank Hit by $2.1M Debit Card Fraud: 19 Suspects Nabbed

Equity Bank Hit by $2.1M Debit Card Fraud: 19 Suspects Nabbed

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#cyber security
Discover the latest on Equity Bank's $2.1M debit card fraud, with 19 arrests made in connection. This incident shines a light on the escalating issue of cybercrime in Kenya's financial landscape, prompting increased tech investments by local banks to combat fraud.

Kenya’s largest bank, Equity Bank, fell victim to a $2.1 million debit card fraud scheme, resulting in funds transferred to over 500 bank and mobile money accounts. Authorities arrested 19 individuals in connection with the fraud, employing a "card-not-present" scam to siphon money. This incident underscores the growing concern of fraud in Kenya's financial sector, with banks losing approximately $130 million annually to cybercriminal activities, according to TransUnion Africa.


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