Criminals Arrested for Stealing N75 million from Bank PHB 

by iClass - Tuesday, February 08, 2011
Nigeria has been one of the major hubs of crime including cybercrime, data theft and drug trafficking. There have been numerous incidents of stealing funds from the accounts of legitimate bank customers by luring customers to reveal Automated Teller Machine (ATM) pin numbers and online passwords through fake e-mails. As customers are now accustomed to receiving phishing and fake e-mails, criminals are devising new ways to steal funds.

Recently, counter crime officials in Nigeria arrested a crime syndicate for stealing N75 million from numerous customer accounts of Bank PHB. Seven bank employees were also arrested for conspiring with the crime syndicate.Criminals allegedly attached a key logger device to the computer systems in a bank. The device was used to extract account information of several customers. The device was then placed on the computer systems of other branches. The offenders used to extract information from the device and transferred funds from the accounts of the customers to a specially opened bank account. The amount was than withdrawn from the ATM through a debit card. The leader of the crime syndicate has been identified as Abayomi Ajayi, who worked as a driver with the bank.

Information security is crucial for banks to retain customer confidence and trust. Banks must have appropriate monitoring mechanisms in place to check any unauthorized activity in the bank premises. Banks must conduct proper screening and background checks of prospective employees. Unauthorized access, data and financial theft may have serious implications for both banks and customers.

Offenders in Nigeria also steal sensitive account information from customers by posing as bank officers near ATM booths and offering help. Information security professionals must create awareness among the customers on different types of threats in the banking and IT environment. Banks never seek authentication details from customers through phone, e-mail or any other mode. Therefore, customers must not disclose confidential information such as ATM pin numbers, online banking username and passwords to anyone.

Regular log audits, vulnerability assessment tests and security audits may help banks in identifying discrepancies. In addition, regular in-depth tests through ethical hacking techniques may help banks in detecting and mitigating security flaws in the information security infrastructure.

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EC-Council is a member-based organization that certifies individuals in cybersecurity and e-commerce skills. It is the owner and developer of 16 security certifications, including Certified Ethical Hacker (CEH), Computer Hacking Forensics Investigator (CHFI) and EC-Council Certified Security Analyst (ECSA)/License Penetration Tester (LPT). Its certificate programs are offered in over 60 countries around the world.

EC-Council has trained over 80,000 individuals and certified more than 30,000 members, through more than 450 training partners globally. These certifications are recognized worldwide and have received endorsements from various government agencies including the U.S. federal government via the Montgomery GI Bill, Department of Defense via DoD 8570.01-M, National Security Agency (NSA) and the Committee on National Security Systems (CNSS). EC-Council also operates EC-Council University and the global series of Hacker Halted security conferences.


General | Categories: media, security, fraud, news
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