Nigerian Bank Looses N1.87 billion To A Hacker

Detectives from the Special Fraud Unit (SFU) of the Nigeria Police Force (NPF) have arrested a 35-year-old fraudster, who hacked into the server of a Nigerian bank to steal N1.87 billion.

The suspect, Salau Abdulmalik Femi, who is the kingpin of a syndicate that specialises in hacking into the servers of banks and corporate agencies, was arrested after he hacked the Flex-Cube Universal Banking System (FCUBS) of a first generation bank.

The spokesman of SFU, Ikoyi, Lagos, DSP Eyitayo Johnson, in a statement, said the suspect, using application software, created fictitious credits totalling N1.87bn on the accounts of three of the bank’s customers.

DSP Johnson said the suspect successfully consummated debits (outflows) amounting to N417.5m through internet banking transfers to other banks.

He said the unit, while acting swiftly on a petition from the bank; contacted the Central Bank of Nigeria (CBN) and the deposit money banks which customers were beneficiaries of the fr*udulent funds and that in the process was able to salvage a substantial amount.

“Items recovered from the suspect include an Apple laptop and an iPhone, and he and operators of some Bureau De Change (BDC) used to launder the monies will be charged to court as soon as investigation is concluded,” he said.