South African bank facing $60m in losses after master key stolen

[Tanimariya]

Amid surging African interest in cryptocurrency, a state-owned bank learns a painful lesson about centralization.
South Africa’s Postbank, the banking subsidiary of the state-owned South African Post Office, reportedly lost more than $3.2 million to fraudulent charges after suspected employees stole the bank’s master key.

As a result, the bank will replace more than 12 million customer cards. According to the Sunday Times of South Africa (via ZDNet), employees printed the code from an old data center in December 2018.
Read more: https://decrypt.co/32643/south-african-bank-facing-60m-losses-master-key-stolen