Employees at telecommunications firm MTN Uganda stole $3.5 million from the company by withdrawing funds from an account used to store money sent using incorrect account details, Finextra reports.
When users input incorrect account details for money transfers, the funds are sent to a “suspense account” before being settled later. MTN’s employees exploited that account to steal funds for themselves, Finextra says.
Following the incident, MTN issued a statement saying it had addressed the problem with technical fixes. “With further upgrades and modifications undertaken to increase its robustness, MTN is confident that it has brought the Mobile Money system to high levels of stability and security,” the statement said.
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