Bank refunds Shs3.9m to client after online fraud

Centenary Bank has refunded Shs3,940,000 to a client who lost his funds to online tricksters.

The client, Patrick Mulumba, a Ugandan working in Saudi Arabia, had Shs3.94m swindled from his account on December 27, 2024.

The client, who was left enraged, in a TikTok video, claimed he had lost Shs4.5m, but the bank officials told the Monitor that the tricksters first took out Shs1.99m and then another Shs1.95m, totaling Shs3.94m. 

"After I lost my money from my account, Centenary Bank opened inquiries into the matter and it ended when both sides were happy. I am pleased that they helped me out and refunded my money," Mr Mulumba said.

He advised bank customers never to share their bank pin numbers. "If you have any issues with your bank account, always reach out to the bank to handle your issues," Mr Mulumba added.

Mr Fabian Kasi, the managing director of Centenary Bank, confirmed the refund but maintained that the customer had shared his pin code with online tricksters.

"We maintain it was the fault of the client who mistakenly shared his credentials with fraudsters through a web page which was purported to be that of the bank," Mr Kasi said.

"The fraudulent web page has since been brought down. Mr Mulumba proved to be a good agent to support the bank to communicate to our other clients to always be on the lookout to safeguard their accounts with the bank," he added.

The incident highlights growing concerns about digital fraud and the importance of customers safeguarding their bank details.

Over the years, there have been growing concerns of customers who keep money in banks crying of how their money has gone missing from their accounts.

In 2022, the commercial Division of the High Court ruled that bank clients are to blame for digital fraud on their accounts.

According to the 2022 Annual Crime and Road Safety Report, at least 82 cases of bank and other corporate frauds were registered in 2022, compared to 102 cases registered in 2021.