African Union foils fraudulent attempt on bank accounts; prevents siphoning of $6m from accounts
In a recent development, the African Union (AU) successfully thwarted a brazen attempt at a fraudulent activity aimed at siphoning funds from its accounts held at the Commercial Bank of Ethiopia (CBE).
The incident, which unfolded on April 15, 2024, saw an unauthorized individual submitting falsified Payment Transfer Orders to the CBE branch situated within the African Union Headquarters in Addis Ababa.
These orders, totaling a staggering sum exceeding US $6 million, according to a statement by the AU, purported to allocate funds for construction and water drilling projects.
Swift detection by the AU’s Finance Directorate unveiled the fraudulent nature of the documents, prompting immediate action to prevent any financial loss. Moreover, collaboration with Ethiopian authorities ensured the swift identification and subsequent investigation of the perpetrators.
While the AU expressed concern over the attempted breach, it underscored its commitment to fortifying its financial security apparatus. Collaborative efforts with the CBE are underway to reinforce existing safeguards and implement heightened protocols, aimed at preempting any future attempts to compromise AU finances.
Acknowledging the swift intervention of the CBE leadership and the Government of the Federal Democratic Republic of Ethiopia, the AU extends its gratitude for their invaluable support in resolving this matter.
Read details of statement below:
