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How fraudsters hacked bank, stole over N523m in a day



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The Nigeria Police has revealed how some internet fraudsters hacked into a bank server and fraudulently transferred a whopping sum of N523,337,100.00 into different accounts in one day.

According to the Police Public Relations Officer (PPRO), PSFU, SP. Eyitayo Johnson, the gang has been busted with two members of the gang arrested, and an investigation manhunt for other members of the syndicate is ongoing.

He said fraudsters hit the bank of N523,337,100.00 using the accounts of 18 different customers’ and dissipated the same via Unified Payments Interface (UPI), Cash/ATM/POS/Withdrawals and e-transfers.

“The Legal Section of the Police PSFU, Ikoyi-Lagos; headed by CSP. E. A. Jackson, has successfully obtained an order of the Federal High Court sitting in Lagos for the Preservation/Forfeiture/Attachment of a net sum of N523,337,100.00 fraudulently transferred by internet fraudsters who hacked a customer’s account domiciled in one of the Old-Generation banks and posted the funds into 18 different accounts in the same Bank before transmitting same to 225 other accounts in 22 banks/financial institutions.

READ ALSOBusted hackers explain how they make money disappear in your bank accounts

“The coordinated cyber-attack was carried out during the weekend of Saturday April 23,2022, through Sunday April 24, 2022 to the early hours of Monday April 24, 2022 before business opened.

“In the course of the investigation, the sum of N160,287,071.47 has been recovered from different banks; with two suspects arrested, while operatives are following other leads in order to apprehend the remaining members of the syndicate”.

He said the suspects would be charged to Court as soon as investigations are concluded.

Commissioner of Police, PSFU, Anyasinti Josephine Nneka, has advised banks and financial institutions on the need to increase their Cyber-Security Surveillance, conduct routine background checks on staff who have login privileges that could be compromised to make banks porous to cyber-attacks. She equally enjoined the public on the need to investigate sources of unexpected inflows into their accounts.

Where such funds are found to have been wrongly credited, the recipient should cooperate with their banks and make conscious efforts to reverse/re-route the same, as utilizing such funds is a criminal offence.

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