Crime: Billionaire Bank Hacker Falls Into SFU’s Net

By Adesina Soyooye

The Special Fraud Unit, SFU, Ikoyi, Lagos,  of the Nigeria Police Force has made a big catch in its net. The catch is likely to save Banks and their customers a lot of heartbreak and loss to the tune of almost two billion Naira.

Its Operatives  have arrested  Salau Abdulmalik Femi. According to a statement signed by DSP Eyitayo Johnson, SFU’s. Spokesperson, Salau is the “Kingpin of a syndicate that specializes in hacking into the Server of Banks and corporate agencies.”

For emphasis, he said Salau “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.”

Here’s what he did, according to SFU’s statement:

“Using application software, he created fictitious credits totaling One Billion, Eight Hundred Thousand Naira (N1,868,900,000.00) on the accounts of three (3) 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.”

HOW He Was Caught

According to the SFU,

“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.”

Hacking people’s accounts has remained a big problem  in, and for the Banking Industry.