India – December 5, 2023 – In a shocking incident, over 41,000 UCO Bank customers received surprise credits of varying amounts, totaling a staggering ₹820 crore, in their accounts between November 10 and 13, 2023. The credits were made through the Immediate Payment Service (IMPS) without any corresponding debits in the accounts from where the transfers originated.
Upon discovering the glitch, UCO Bank immediately initiated a recovery process and blocked the recipients' accounts. The bank has so far managed to recover ₹649 crore, or 79% of the erroneously credited amount.
The Central Bureau of Investigation (CBI) has filed a First Information Report (FIR) to investigate the matter and determine the cause of the glitch. The agency is also probing whether any fraudulent activity was involved in the transactions.
UCO Bank has assured its customers that it is taking all necessary steps to rectify the situation and safeguard their financial interests. The bank has also urged its customers to report any unauthorized transactions immediately.
This incident highlights the importance of robust cybersecurity measures in the banking sector. Banks must continuously invest in upgrading their systems and implementing stringent security protocols to prevent such incidents from occurring in the future.
