Tanzania, April 10 -- Dar es Salaam. Authorities have launched investigations into a Sh147.5 billion bank card fraud that hit commercial banks during the 2024/25 financial year.

The fraud, disclosed recently by the Prevention and Combating of Corruption Bureau (PCCB), involved the use of fake or cloned bank cards to conduct thousands of unauthorised withdrawals across multiple financial institutions. The scale of the transactions has exposed weaknesses in card security systems and internal controls within banks.

Presenting the bureau's 2024/25 performance report at State House, PCCB director general, Crispin Chalamila, said investigations has linked the losses to compromised bank cards. He noted that the stolen funds were channelled int...