BUSINESS

Equity Bank Hack: 8 Kenyans Jailed in Rwanda

Share
Equity Group
According to the Brand Finance Banking 500 2022 Annual Report that was released this week, Equity Group is among the few banks from smaller and emerging markets to join a total of 30 new entrants into the top 500 banking brands. [Photo/ Courtesy]
Share

8 Kenyans have each been sentenced to 8 years in jail by a court in Rwanda over their alleged involvement in the attempted hacking of Equity Bank systems. The 8 individuals form part of a 12-man group arrested by the Rwanda Investigation Bureau (RIB) in 2019 following investigations into a series of hacking attempts.

The Kenyans handed jail terms include Dedan Muchoki Muriuki, Samuel Wachira Nyuguto, Kinyua Erickson Macharia, Godfrey Gachiri Githinji, Eric Dickson Njagi Mutegi, Reuben Kirogothi Mwangi, Damaris Njeri Kamau and Steve Maina Wambugu. Also arrested was

Rwandese media further reported that the suspects were fined Rwf50 million (Sh5.3 million) in damages and about Rwf3 million (Sh322,000) for other charges

The group is alleged to have initially hacked Equity Bank systems in Kenya and Uganda, getting onto the radar of security agencies in the region before they ventured into Rwanda.

They were accused of working with bank insiders to identify accounts with large deposits which were then targeted, with computer scripts written to move money to accounts of their accomplices who would make withdrawals.

READ>>>>>Equity’s DRC Business Will Overtake Kenya – James Mwangi Predicts

The group is said to have recruited Rwandese nationals to take out the funds using Equity’s Eazzy Banking platform or ATMs.

Security officials in Rwanda had, however, already been notified of the group’s activities and acted to shut down the operation.

“The court tendered the verdict on the five charges; unauthorised access to a computer or a computer system data; access to data with intent to commit an offence; unauthorised modification of computer or computer system data; theft; and formation of or joining a criminal association,”  noted Rwandese publication Taarifa Rwanda.

The ruling has sparked renewed calls for investment in cyber-security, as more businesses of all sizes adopt digital-first strategies exposing them to a range of new threats.

READ>>>>>Former Equity COO Joins KQ Board as Otieno, Musyoka Exit

 

 

Written by
MARTIN SIELE -

Martin K.N Siele is the Content Lead at Business Today. He is also a Quartz contributor and a 2021 Baraza Media Lab-Fringe Graph Data Storytelling Fellow. Passionate about digital media, sports and entertainment, Siele also founded Loud.co.ke

Leave a comment

Leave a Reply

Your email address will not be published. Required fields are marked *

PAST ARTICLES AND INSIGHTS

Related Articles
Home Afrika Ltd - Mitini Scapes
BUSINESSNEWSREAL ESTATESTOCKS

Home Afrika Net Profit Up 11.7% to hit KSh 117.89m in 2025

Home Afrika Limited, a Listed Real Estate development company based in Nairobi,...

Heril Bangera Flame Tree
BUSINESSECONOMYFEATURED STORYNEWSSTOCKS

Flame Tree Group Holdings Issues Profit Drop Alert

Flame Tree Group Holdings, a leading African manufacturer and distributor of plastics,...

HomeBoyz
FEATURED STORY

HOMEBOYZ Entertainment Plc Net Profit Ups 14.3% to KSh 28.96Mn

HOMEBOYZ Entertainment profit after tax rose 14.3% to KSh 28.96m from KSh...

Mr. Johnstone Oltetia Chief Executive Officer and Managing Director
BUSINESSECONOMYNEWSREAL ESTATESTOCKS

Kenya Mortgage Refinance Company Floats KSh3Bn Green Bond

Kenya Mortgage Refinance Company(KMRC), a state-owned mortgage outfit that offers affordable facilities...