News / National
NetOne loses ZiG285 000 to hacker
28 Jun 2024 at 02:39hrs | Views
NetOne Cellular allegedly lost ZiG285,817 to a suspected hacker who exploited the RTGS to ZiG currency conversion from April this year. Takunda Gwaranda (21) appeared before Harare magistrate Mr. Dennis Mangosi on charges of fraud and money laundering and was remanded in custody pending a bail application.
Prosecutor Mr. Thomas Chanakira alleges that between May 10 and 13, Gwaranda hacked into NetOne's OneMoney Wallet and transferred ZiG285,817 to various EcoCash accounts using a line registered in his mother's name. NetOne contends that the amount was not in Gwaranda's account but was phantom money transferred by exploiting a glitch in their system. Gwaranda's wallet had only ZiG340.68 at the time of the transactions.
The fraudulent transfers were processed through EFT Corporation Zimbabwe, ZimSwitch, and EcoCash, funded by NetOne's OneMoney escrow account. The scheme depleted NetOne's funds, with FBC Bank ultimately settling the transactions. Some proceeds were converted to assets, which are yet to be recovered. Although some funds were recovered after the wallets were frozen, the exact amount is still unknown.
The fraudulent transfers were processed through EFT Corporation Zimbabwe, ZimSwitch, and EcoCash, funded by NetOne's OneMoney escrow account. The scheme depleted NetOne's funds, with FBC Bank ultimately settling the transactions. Some proceeds were converted to assets, which are yet to be recovered. Although some funds were recovered after the wallets were frozen, the exact amount is still unknown.
Source - The Herald
