Airtel Money Fraud Archives – CEO East Africa

How the Airtel Money fraud happened: Chief Executive Officer speaks out on the brazen hack

Muhereza KyamuteteraBusiness & Markets Company News The Big StoryDecember 14, 2022May 4, 2023

After the 27th October 2022, digital fraud incident in which a number of banks lost several billions of shillings from their Airtel Money Wallets (OVAs) held at Airtel Mobile Commerce Uganda Limited (AMCUL), the mobile money company has spoken out, explaining how the incident happened. According to a very confidential letter to the Chief Executive Officers of Financial Institutions that belong to the Uganda Bankers Association (UBA), written by Mr. Japhet Aritho Kinyua, the AMCUL Chief Executive Officer, the heist was carried out by fraudsters with “detailed knowledge about the highly confidential configuration of the integration with partners” which they…

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Banks threaten to disconnect Airtel Money, as fresh details emerge about how last week’s digital fraud incident was executed

The CEO Magazine TeamThe Big StoryNovember 2, 2022November 9, 2022

Following CEO East Africa Magazine, breaking a story that fresh details have emerged on how the multi-billion digital fraud was carried out. According to a brief prepared by Airtel Uganda, to the Uganda Banker’s Association (UBA), which CEO East Africa Magazine, has seen, it all started on October 27th, 2022. Yet-to-be-identified people, believed either to be hackers, former insiders, or insiders, gained unauthorized access to an interface belonging to Airtel’s third-party partner. Therefrom, the digital thieves then accessed the platform of other aggregators and banks and dipped their digital hands into the operational virtual accounts (OVAs) held by banks in…

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