Four suspected bank system hackers are arrested in Abuja as a result of an EFCC sting operation.

According to the Economic and Financial Crimes Commission (EFCC), four people have been taken into custody for allegedly breaking into an Abuja bank’s system.

On October 29, 2024, the EFCC made this information public on its X page.

The accused were named by the Commission as Daminan Ali, Mohammed Bello Mahmud (the managing director of Downstone Ultimate Limited), Effiong Victor Emmanuel, and Chima Anthony Nwigwe (who was allegedly the head of the bank hacking syndicate).

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EFCC claims
According to the EFCC, the suspects planned to make “fraudulent withdrawals of depositors’ funds” and obtain “unauthorized access to banks’ computer systems.”

Following actionable intelligence regarding their alleged involvement in hacking and accessing commercial banks’ databases, resulting in fraudulent transfers and withdrawals through a variety of digital channels,” the EFCC continued, omitting the bank’s name.

The anti-graft agency said that after the investigations were finished, the suspects will face charges in court.

Things you should be aware of
After the Commission and the parties involved have made their cases, a court with the necessary authority will decide the suspects’ fate, so the EFCC statement stays in the domain of allegations.
This development coincides with an increase in fraudulent activity on Nigerian financial platforms, which caused Nigerian banks to lose N42.6 billion in three months between April and June of this year.
The Financial Institutions Training Centre (FITC) disclosed this in its recently published Q2 2024 Fraud and Forgeries report in September. According to LMSINT MEDIA, the sum lost in Q2 2024 alone—excluding the Q1 figures—surpassed the total amount lost to bank fraud in 2023.
According to an analysis of FITC data from the previous year, banks lost N9.4 billion in total.

Compared to the N468.4 million lost in Q1 2024, the Q2 loss represents an 8,993% rise on a quarterly basis. In comparison to the N5.7 billion loss reported in Q2 2023, this also signifies a 637% rise.

The results from the nation’s twenty-eight (28) deposit money institutions form the basis of the FITC report. FITC reports that 80 of these refunds were received during the reviewed quarter.

Additional investigation reveals that 26 reports were filed in April.

whereas in May and June, there were twenty-seven (27) reports.