SFU Convicted Suspected Hacker Over N1.8b Fraud

Salau Abdulmalik Femi, an accused Kingpin of a gang that specialized in hacking into the servers of banks and corporate organizations, was detained by the Special Fraud Unit ( SFU ) in Ikoyi, Lagos, on Thursday.

The hacker was apprehended after breaking into a First-Generation Bank’s Flex-Cube Universal Banking System (FCUBS) and displaying remarkable command of the cyber world.

According to SFU, the suspect 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 using application software, and successfully completed debits (outflows) totaling Four Hundred and Seventeen Million, Five Hundred and Forty-two Thousand Naira (N417,542,000.00) through Internet Banking transfers to three (3) of the Bank’s customers.

Read Also: Nasarawa Cyber Fraudsters Nabbed by The Policeà

‘While acting quickly on a petition from the Bank, the unit 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,’ said DSP Eyitayo Johnson, the unit’s Public Relations Officer.

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.”

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