Man Hacks Into Nigerian Bank’s System, Steals N1.87 Billion

A Nigerian man identified as Salau Abdulmalik Femi has been
arrested by detectives from the Special Fraud Unit (SFU) of the
Nigeria Police Force (NPF) for allegedly hacking into the server of
a Nigerian bank to steal N1.87 billion.

The suspect, police said, is the kingpin of a syndicate that
specialises in hacking into the servers of banks and corporate
agencies.

He was arrested after he hacked the Flex-Cube Universal Banking
System (FCUBS) of a first generation bank.

SFU spokesman in Ikoyi, Lagos State, DSP Eyitayo Johnson, in a
statement, said the suspect 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 fraudulent
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,” Johnson said.

“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.”

A Nigerian man identified as Salau Abdulmalik Femi has been
arrested by detectives from the Special Fraud Unit (SFU) of the
Nigeria Police Force (NPF) for allegedly hacking into the server of
a Nigerian bank to steal N1.87 billion.

The suspect, police said, is the kingpin of a syndicate that
specialises in hacking into the servers of banks and corporate
agencies.

He was arrested after he hacked the Flex-Cube Universal Banking
System (FCUBS) of a first generation bank.

SFU spokesman in Ikoyi, Lagos State, DSP Eyitayo Johnson, in a
statement, said the suspect 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 fraudulent
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,” Johnson said.

“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.”