Man Hacks Into Nigerian Bank's Server, Steals N1.87 Billion - THE DAILY CRUCIBLE

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Friday, August 13, 2021

Man Hacks Into Nigerian Bank's Server, Steals N1.87 Billion

                              •Suspect
 
By Godwin Akomah,  Lagos

The Special Fraud Unit (SFU) of the Nigeria Police Force (NPF) has arrested a man  identified as Salau Abdulmalik Femi 
for allegedly breaking into the server of a first generation Nigerian bank to steal N1.87 billion.

Salau Abdulmalik Femi according to detectives is a leader of a syndicate that specialises in hacking into the servers of banks and corporate agencies for the purpose of fleecing their customers. 

He was arrested after he hacked the Flex-Cube Universal Banking System (FCUBS) of a bank.

SFU spokesman in Ikoyi, Lagos State, DSP Eyitayo Johnson, in a statement on Friday disclosed that the suspect created fictitious credits totalling N1.87bn on the accounts of three of the bank’s customers.

DSP Johnson disclosed further that the suspect succeeded in stealing - debiting   N417.5m through internet banking transfers to other banks.

He said the unit while acted quickly on a petition from the bank and  contacted the Central Bank of Nigeria (CBN) as well as  the deposit money banks which customers were beneficiaries of the fraudulent funds and that in the process was able to salvage a substantial amount.

“Items recovered from the suspect include an Apple laptop and an iPhone, and he and operators of some Bureau De Change (BDC) used to launder the monies will be charged to court as soon as investigation is concluded,” Johnson said.

“Consequently, the Commissioner of Police in charge of the Unit, CP. Anderson A. Bankole has scheduled a meeting with Chief Compliance Officers/and Head of Technology/Information Security Department of Banks with a view to brainstorm on the loophole exploited by this suspect and how to counter similar hacks; for the benefit of both the Police and the Banking Sector of our economy.”

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