How bank staff assisted hackers to attack 6 financial institutions – Olukoyede

Chairman of the Economic and Financial Crimes Commission (EFCC), Ola Olukoyede, has raised alarm over the growing collaboration between some bank employees and cybercriminals, revealing that internal sabotage is fueling the rise in financial fraud.

In an interview on TVC News aired on Sunday, Olukoyede disclosed that six banks in Nigeria have recently been targeted in coordinated cyber attacks by hackers operating globally.

He alleged that certain bank staff members are complicit, providing hackers with access to banking portals which are then exploited from remote locations around the world.

Olukoyede said the anti-graft agency had recovered N9.7 billion, N6.7 billion, and N3.7 billion stolen from some banks in Nigeria.

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He emphasised that based on the cases handled by EFCC, breaches in banking portals are usually facilitated by bankers who “understand the system”.

“What people do is to get a device. When they plug it into (the banking digital system) in connivance with the insiders — the bank staff”, Olukoyede said.

“Wherever the other persons are, even if they are outside Nigeria, they will be able to control the platform of the bank. The person can now move money: in a second, they can move billions.

“What they do now is that they won’t move the money out completely. They now distribute it to the accounts of many customers.

“They have access to those accounts. From those accounts, they will move the money to wallets or POS (terminals) and withdraw the money.

“Many banks are vulnerable. That wouldn’t have been possible without the connivance of the bank staff.”

He added that the EFCC had deliberately maintained silence on the matter to prevent panic withdrawals by customers and safeguard public confidence in the banking system.