Equity Bank has responded to reports doing rounds on social media regarding a customer who lost money from her account.
In a statement on May 23, the bank said its investigations found that the customer’s email account had been hacked, allowing fraudsters to access her banking credentials and carry out unauthorized transactions.
“Following a thorough investigation, it was established that the customer’s email was compromised through fraudulent third-party access and her banking credentials accessed,” the statement read in part.
Equity Bank Clarifies Funds Loss, Points to Hacked Email
Equity said the incident was not caused by a breach in its systems, but by unauthorized access to the customer’s personal accounts.
The bank added that it has involved security agencies and has begun efforts to recover the lost funds.
“We encourage all customers to immediately report any suspected compromise of email accounts, loss of phone, SIM card, debit or credit cards, or devices linked to their banking profiles, as such access may expose personal credentials and verification channels to fraudsters,” stated Equity Bank.
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The lender also warned customers against sharing sensitive information and stated that communication is conducted only through its official channels.
It noted that Equity calls customers only from one number, 0763 000 000, and advised the public not to engage with anyone who asks for personal banking details.
The bank emphasized that it will never ask for a PIN, password, OTP, or card information by phone or SMS.
Equity Mass Staff Dismissals After KSh1.5 Billion Fraud Scandal
In 2024, Equity Bank Kenya uncovered a major internal fraud involving payroll and mobile money transactions.
Investigations found that staff had used stolen system credentials to move money from internal accounts to external bank and M‑Pesa accounts.
Fraud involved more than Ksh1.5 billion and resulted in losses over several months.
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Following the investigation, Equity Group dismissed more than 200 employees in the first phase, before expanding the clearance to over 1,200 staff across different departments.
Among those affected by the Equity Group clearance were senior managers and junior employees.
The bank said the dismissals were linked to gross misconduct, conflict of interest, and ethical breaches.
Equity Group Chief Executive Officer James Mwangi said the sackings were necessary to protect customer funds and the bank’s integrity.
He said the institution had zero tolerance for fraud and would be ruthless in cleaning up the bank.
“We have pushed the brand. It is now Africa’s top-rated financial brand and second globally. It will never survive if its people contradict it,” Mwangi said.
He added that protecting trust was more important than staff numbers.
