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Tue, Aug 1, 2023 8:40 PM

Cracking Down on Cybercrime: Nigerian Police Apprehend Syndicate for Bank Hacking

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Cracking Down on Cybercrime: Nigerian Police Apprehend Syndicate for Bank Hacking
Nigerian police have successfully arrested two key members of a cybercrime syndicate involved in hacking into bank customers' portals and stealing money. The arrests highlight the need for increased vigilance by banks and customers in safeguarding sensitive information and implementing robust cybersecurity measures.

Lagos, Nigeria - In a significant crackdown on cybercrime, the Zone 2 Command in Onikan, Lagos, has succeeded in apprehending two key members of a highly organized syndicate engaged in hacking bank customers' online portals to facilitate fraudulent transfers of funds. Yusuf Ademola (40) and Adeshina Abiodun (50) were arrested in Ijebu-Ode, Ogun State, following a preliminary investigation that revealed their involvement in defrauding over 1000 bank customers across Nigeria.

The cybercriminal network encompasses a wide network of individuals with specialized roles, ranging from collecting SIM cards from stolen phones to gathering victims' banking details and executing electronic money withdrawals using codes obtained from two undisclosed old-generation banks.

Speaking on the arrests, Assistant Inspector-General of Police in charge of the zone, AIG Mohammed Ali, disclosed that the intervention came after a petition was lodged by one of the old-generation banks two months ago. He revealed that the criminals employed sophisticated software to gain unauthorized access to customers' accounts and remove their funds, with their primary strategy involving linking a customer's phone number to their Bank Verification Number (BVN) to facilitate the fraud.

During interrogations, Ademola confessed to being an errand boy for the syndicate, which primarily involved opening bank accounts, while Adeshina admitted to replacing phone numbers in his account to facilitate fraudulent transactions.

The arrests have raised concerns about the security of banking portals and the ease with which cybercriminals can obtain customers' sensitive information. Banks are urged to enhance their vigilance in monitoring suspicious activities, while customers must prioritize safeguarding their personal information.

AIG Mohammed Ali has assured the public that efforts are underway to apprehend other members of the syndicate, and authorities are conducting further investigations to uncover the full extent of the criminal network.

Underscoring the need for cybersecurity measures within the banking industry, security experts have advised customers to remain vigilant, regularly update their passwords, and avoid sharing sensitive information with unknown sources to mitigate the risks of cyber fraud.

This successful operation serves as a stark reminder of the sophisticated tactics employed by modern cybercriminals and the pressing need for robust cybersecurity measures to protect both banks and customers from financial losses.

Source of content: OOO News 2023-08-01 News

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