In a swift and decisive move, detectives from the Directorate of Criminal Investigation’s Banking Fraud Investigation Unit (BFIU) have arrested 19 suspects in connection with a massive debit card fraud that led to Equity Bank losing Sh290 million. The suspects are being held for questioning ahead of their planned arraignment and recovery of the stolen funds.
The fraud involved theft by 551 Equity Bank account holders who received the funds after card fraud transactions done between April 9 and 15, 2024. The bank’s risk department discovered an upsurge of transactions emanating from the banks Incoming MasterCard GL, with Sh179.6 million paid out from the GL fraudulently to the 551 Equity Bank accounts.
Additionally, Sh63 million was sent to Safaricom Mpesa and Sh39 million to 11 commercial banks. The police and the bank are working with Safaricom and the respective banks to assist in tracing the movement and safeguarding the funds even as the suspects are being sought.
Equity Bank has been proactive in preventing fraud, warning customers about unauthorized text messages asking for confirmation of purchases and emphasizing that they will never call and ask for sensitive information such as online banking credentials, debit card information, or full social security numbers.
This incident highlights the importance of vigilance against fraud and the need for banks and law enforcement to work together to protect consumers and their financial information. The BFIU and Equity Bank are to be commended for their swift action in apprehending the suspects and working to recover the stolen funds.
The crackdown on debit card fraud is ongoing, and officials and witnesses say that more arrests are expected. The public is urged to remain vigilant and report any suspicious activity to their bank or law enforcement.