Hackers transfer customer's money into 225 accounts

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An old generation bank customer's account was compromised during a three-day cyberattack by suspected hackers, who then fraudulently moved N523,337,100 from the account to 18 separate accounts in the same bank.

SP, the spokesman for the Ikoyi, Lagos State, Police Special Fraud Unit, According to a statement released by Eyitayo Johnson on Wednesday, the suspects thereafter transferred the funds from the 18 accounts into 225 more accounts held by 22 different banks and financial institutions.


He added that two suspects had been detained in connection with the crime. He claimed that the coordinated cyber-attack took place between Saturday, April 23, and the early hours of Monday, April 25, 2022, before businesses opened.

Johnson said, “The legal section of the Police Special Fraud Unit in 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 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.

“In the course of the investigation, the sum of N160,287,071.47 was recovered from different banks, with two suspects arrested, while operatives are following other leads to apprehend the remaining members of the syndicate. The suspects will be charged to court as soon as investigations are concluded.”

Anyasinti Nneka, the SFU Commissioner of Police, has counseled banks and financial institutions on the necessity of stepping up their cyber-security oversight and routine background checks on employees with login capabilities that could be compromised to leave them vulnerable to cyber-attacks.

She also urged the general public to look into the causes of unforeseen inflows in their accounts. The recipient should work with their banks and make deliberate steps to reverse or reroute any money that is discovered to have been incorrectly credited.

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