LAGOS, Nigeria – The Zone 2 Command in Onikan, Lagos, has successfully cracked down on a cybercrime syndicate specialized in hacking into bank customers’ portals to transfer money from various accounts.
Two key syndicate members were apprehended, and several victims’ SIM cards were recovered.
According to the preliminary investigation, the suspects, Yusuf Ademola (40) and Adeshina Abiodun (50), were arrested in Ijebu-Ode, Ogun State.
The duo had allegedly defrauded over 1000 bank customers across Nigeria.
The cybercrime criminal network is believed to be widespread and highly coordinated.
Members specialize in various tasks such as collecting SIM cards from stolen phones, sorting out victims’ banks, and using the banks’ codes to gather further details for electronic money withdrawal.
The syndicate is reported to have access codes to two old-generation banks, whose names are being withheld for security reasons.
Assistant Inspector-General of Police in charge of the zone, AIG Mohammed Ali, stated on Monday, July 31, 2023, that the arrests were made after a petition was submitted by one of the old-generation banks two months ago.
He explained: “They confessed that they have many syndicates all over Nigeria, which use software to enter bank portal to access customers’ accounts to move their money. However, their modus operandi was to have a customer link phone number to a BVN and steal their money.”
The suspects, during interrogation, provided insights into their criminal activities. Ademola claimed he was an errand boy for the syndicate and played a role in opening bank accounts.
Adeshina admitted to replacing the telephone number in his account, facilitating the fraudulent transactions.
This successful bust has raised concerns about the security of banking portals and the ease with which criminals can access sensitive customer information.
It also emphasizes the importance of vigilance by banks in monitoring suspicious activities and the necessity for customers to safeguard their personal information.
Authorities have reassured the public that efforts are in full gear to arrest other syndicate members, and further investigation is in progress to uncover the full extent of the criminal network.
Security experts have advised bank customers to remain vigilant, frequently update passwords, and refrain from sharing sensitive information with unknown sources to mitigate risks associated with cyber fraud.
The bust serves as a grim reminder of the sophisticated tactics employed by modern criminals and the constant need for robust cybersecurity measures within the banking industry.
