Security

Horror Stories of How Equity Bank Customers Lost Money

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EQUITY BANK

Equity bank has been under fire over myriads of fraudster claims and now another customer has come out to seek justice.

Equity Bank Horror Stories

900K Missing: Here’s Exactly What Happened

In a rather fraudulent scam claim, Asnael Moturi details how an Equity bank agent in Kisii collaborated with fraudsters to clear all the money in his sick mother’s account. All through her Equitel line.

Her account was swept clean by suspected equity-linked fraudsters and below is the twitter thread explaining what happened.

The widow initially visited the Equity Bank to replace her ATM card. While doing this, the guys at Equity suggested that instead of ATM, she should use an Equitel sim card for easier accessibility.

Asnael states that his mother signed up for an Equitel line, recording a total of KES 900,000 in her account. After the process, the agent advised his mother to switch her phone off for 24hrs. Then they will call her the following day to activate her sim card to finish the whole process.

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According to the information, after the lady went home and switched on her phone the following day they called her, asked her a few questions and 2 hours later, her money had vanished.

The whole ordeal has left him and his mother in a horrible state seeing as that was all the money they had. It also begs the question and suspicion as to whether Equitel has customer data protection.

They have however already reported the matter to both Equity and the Police.

“So today I reported officially to equity bank and recorded a statement with the police. The bank is yet to commit itself to restore the account to its original position.”

In their defence, Equity said that it must be an ‘Engineering Issue’. Assume of that as you wish. The revelations attracted a lot of anger from twitter users who came to lash out at the bank over its recent series of related cases. The #boycottequitybank is still trending and many are bringing out their stories.

It’s Not only on the Equitel Line

A few others who have fallen prey to the Equity Bank alleged fraudulent schemes;

Here’s another story of a man who almost lost KES 180,000 due to a ‘teller error’.

Are you a victim of these scams to?

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8 Comments

  1. My mother at Mwea also reported loss of cash from the account nobody to date ever came back to her after recording her complaint

  2. My friends open accounts in other banks that are atleast better.Must you stick in Equity.I know of someone who lost more than one million thru the same way and has never recovered the money .Do you think Mwangi cares? Be wise.

  3. I stopped using any other form of Deposit or withdrawal with my bank and reverted to good old over the counter transactions.
    I even returned my Atm card so that if ever a transaction occurred other than I the way I advised they shall tell me exactly who is Involved.
    We are dealing with ‘insde jobs’ and there is no other way of overcoming this.

  4. Quick tip guys, for a savings account never apply for an ATM card, mobile banking, Internet banking or Equitel nonsense. Do this instead. Open a checking account. This is an active account for your daily needs. You can have an ATM or mobile banking or Equitel for Equity customers. Then you can top up this account on weekly basis with small amount. In case they scam you, you will not lose all your funds.

  5. Nonsense

  6. Equity bank, the most scandalous bank in Kenya that is currently trying to redeem its image. I almost lost 70k n wen i ws mad to hve my money retrieved, i hve never dared save any more with those thieves.. My ATM is idle n the account is bankrupt…

  7. I wonder why is it that Equity is the only bank with such frauds i believe the above are the least said there are alot who just went conned and kept silence.

  8. My sister lost 40k just like that after been agreat saver for aperiod of 1yr,she kept all her deposit receipts and the rare withdraw she ever did,and not asingle withdraw was over 15k,when she realized that her savings was less with 40k,she went to report to the branch manager,only to be told,we will carry out investigation,it has been 2yrs investigation are still been carried out,

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