The Special Fraud Unit of the Nigeria Police Force has arrested a suspected kingpin of a syndicate that specializes in hacking into the carServer of banks and corporate agencies.

 

 

A suspected identified as Salau Abdulmalik Femi, was alleged to have hacked into the accounts of three customers of a new generation bank and defrauded them of the sum of one billion, eight hundred and sixty eight million, nine hundred thousand Naira (N1,868,900,000.00).

 

 

 

The PRO of the unit, DSP Eyitayo Johnson made the disclosure in a statement made available to journalists on Thursday.

 

Accorging to the statement, “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.

 

Using application software, he created fictitious credits totaling One Billion, Eight Hundred Thousand Naira (N1,868,900,000.00) on the accounts of three 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”.