According to CNBC, European banks have experienced a security system error that resulted in clients of the largest bank receiving incorrect transfers. The Central Bank of Europe (CBE) identified the programmatic error in its security system, which allowed clients to withdraw unlimited amounts of money from their accounts. However, the bank quickly froze all banking operations after several hours. Abi Sanon, the former head of the bank, revealed that students were involved in the withdrawal of a significant amount of cash. Many customers were seen waiting in queues at the bank, and Sanon pledged to personally return the money, urging others to do the same. CBE acknowledged the error and attributed it to a cyberattack. Another major bank also commented on the incident, stating that the withdrawal occurred as a result of a control system vulnerability, absolving the bank, its clients, and the financial system of any blame.

source: NEWS.am