Cybercriminal hacks into Nigerian Banking System, steals N1.87 Billion

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Cybercriminal hacks into Nigerian Banking System, steals N1.87Billion

Nigerian cybercriminal hacks and steals from a First-generation Bank

A Nigerian cybercriminal has hacked into the banking system of an unnamed First Generation Nigerian Bank, stealing one billion, eight hundred and seventy million Nigerian Naira (N1.87 billion). form the first-generation bank

The suspect, named Salau Abdulmalik Femi, a Nigerian cybercriminal is the lynchpin of a syndicate that specializes in hacking into the servers of banks and corporate agencies, hacked the Flex-Cube Universal Banking System (FCUBS). Union Bank of Nigeria is one first-generation bank that used the Flexcube Banking Software Application for its services.

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The suspected hacker is believed to have created fictitious credits totaling N1.87bn on the accounts of three of the bank’s customers

The Nigerian Police Force (NPF) said they have arrested the prime suspect who is believed to have created fictitious credits totaling N1.87bn on the accounts of three of the bank’s customers and has successfully consummated debits (outflows) amounting to N417.5m through the internet banking transfers to other banks. The police also said that he laundered the funds with the help of operators of Bureau De Change (BDC).

SFU spokesman in Ikoyi, Lagos State, DSP Eyitayo Johnson, in a statement, said that the unit was quick enough to intercept the alleged hacking crime and recover the substantial amount while acting swiftly on a petition from the bank as they contacted the Central Bank of Nigeria (CBN) and the deposit money banks which customers were beneficiaries of the fraudulent funds.

Salau Abdulmalik Femi has been arrested by detectives from the Special Fraud Unit (SFU) of the Nigeria Police Force (NPF) possessed an Apple laptop and an iPhone which were recovered from him.

The Nigerian Police plans a collaborative measure to avert future bank hacks

The Guardian Newspaper reported that the Lagos State 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 of brainstorming on the loophole exploited by this suspect and how to counter similar hacks subsequently; for the benefit of both the Police, the Banking community.

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