Ethio Telecom Loses $33 Million to Fraudsters
Published on: 23rd Jun 2015
Note -- this news article is more than a year old.
Ethiopia's state owned monopoly telecoms operator, Ethio Telecom is reported to have lost around USD33 million to fraudsters.
The Information and Network Security Agency (INSA) announced that at least 700 million birr (USD33.6 million) had been swindled by about 55 individuals over the past year.
The agency, issuing its annual national security report did not elaborate on the fraud, but references to "sophisticated technological devices" could imply the use of GSM Boxes to bypass heavy international call charges.
The agency is preparing regulations to govern the telecoms network separately, which could suggest that it is struggling to keep up with the changing sophistication of telecoms networks, and the fraud risks associated with them.