TM Pick n Pay Zimbabwe, a unit of South African Pick n Pay retail stores has been rocked by an e-mail hacking scandal where scammers allegedly duped the supermarket chain of over ZW$22,000,000 (USD$687,500).
The theft is believed to have occurred on 28 January 2021 and was only discovered on 3 March.
According to The Herald, the scammers used the email of the financial manager to give instruction to other staff members to transfer funds from Steward Bank into four different business accounts and it did not take long before they were systematically emptied of the funds.
The financial manager in question Tonderai Chagweda who has been placed in custody, told the police that the email was doctored and is denying any involvement.
Investigations are continuing to ascertain if it was cybercrime or an inside job. At this stage TM Pick n Pay employees and Steward Bank insiders are suspected of involvement in the crime.
The development has exposed systematic flaws in banking system that makes it easy for cybercriminals to operate unchecked.