• Fri. Feb 23rd, 2024

Operatives of Special Fraud Unit Arrest Bank Hacker Over N1.87 Billion Fraud

ByHybrid News

Aug 12, 2021

Police operatives of Special Fraud Unit, Ikoyi – Lagos have arrested one Salau Abdulmalik Femi, the Kingpin of a syndicate that specializes in hacking into the Server of Banks and corporate agencies.

The hacker, who displayed exemplary mastery of the cyber environment was arrested after he hacked the Flex-Cube Universal Banking System (FCUBS) of a First-Generation Bank. This was contained in a press statement by the Spokesperson of the command,
DSP Eyitayo Johnson.

Using application software, he created fictitious credits totaling One Billion, Eight Hundred Thousand Naira (N1,868,900,000.00) on the accounts of three (3) of the Bank’s customers and successfully consummated debits (outflows) amounting to Four Hundred and Seventeen Million, Five Hundred and Forty-Two Thousand Naira (N417,542,000.00) through Internet Banking transfers to other Banks.

The Unit, while acting swiftly on petition from the Bank; contacted the Central Bank of Nigeria (CBN) and Deposit Money Banks (DMBs) whose customers were beneficiaries of the fraudulent funds and was able to salvage a substantial amount.

Items recovered from the suspect includes; Apple Laptop and iPhone; while he and operators of BDCs used to launder the monies will be charged to Court as soon as investigation is concluded.

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.

Leave a Reply