Digital bank robbers make off with $6.7 million

Digital bank robbers make off with $6.7 million

No Comments

During the holidays cybercriminals kept themselves busy, hacking websites and stealing all the data they could find. South African Postbank, a financial institution owned by SA Post Office, is one of the victims.

 

South African bank Postbank was robbed of $6.7 million earlier this month. But the thieves didn’t need masks and guns to pull off the job — just computers.

 

To pull off the heist, the hackers created a backdoor into one of the bank’s computers. From that hacked computer, they were able to access the rest of the network and issue the commands to distribute the $6.7 million to different accounts owned by the thieves. Those accounts were promptly emptied via ATM visits. Preliminary reports revealed that the cybercrime ring responsible for the theft opened a number of Postbank accounts all across the country and then, in the period between January 1 and January 3, they managed to access a Post Office employee’s computer from where they deposited money from other accounts into their own.

Since the crime didn’t raise any red flags with its automated fraud-detection programs, bank employees failed to notice the money was missing until the bank re-opened after the New Year’s holiday.

The irony is that 3 years ago the institution invested a large amount of money in their anti-fraud systems. However, as we can clearly see, anti-fraud systems aren’t worth much if the company doesn’t have a strict policy for the way their employees handle computers.

If the reports are true, then it is very likely that an employee with privileged rights must have fallen victim to a scam email designed to spread a malicious Trojan.


Fin24 reports that the National Intelligence Agency, which offers assistance when a government institution is compromised, has launched an investigation to precisely determine the causes that allowed for the incident to occur.

Bank representatives state that none of their customers are affected by the breach, but security experts believe that Postbank’s systems desperately need an upgrade.

Crooks don’t necessarily have to hack into a bank’s systems to gain access as it may be much easier to manipulate someone into handing over some information that can be utilized to just waltz in without being detected.

Lately, we’re presented with many cases in which a little bit of social engineering can perform much more efficiently than even the most sophisticated piece of malware. Take the thieves who stole 9 million dollars from payroll debit cards issued by RBS Worldpay.

Leave a Reply

Your email address will not be published.