Stanbic-Bank

Stanbic Bank Boss Involved in Telecom Electronic Fraud Charged

Mugerwa Alvin an employee of Stanbic Bank alleged to have masterminded the Telecom Electronic Fraud has been charged.

Police arrested the Stanbic employee as is believed to have centered the recent hack job in which Billions of shillings were stolen.

“Mugerwa is slated to appear before Buganda Road Court this afternoon where he will be charged.” Says Charles Twine Police CID Spokesperson.

Mugerwa is believed to have been the behind the October 3rd cyber-attack on the systems of Stanbic Bank as well as MTN and Airtel telecom companies.

Another company that was targeted by the hackers was Pegasus Technologies a third party company that integrates mobile money transactions between telecoms, banks, and other local, regional and international money transfer services.

Following the attack, the three companies immediately suspended their bank to mobile money transaction services as Police embarked on the hunt for the criminals.

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