The Economic and Financial Crimes Commission (EFCC) says it has arrested four individuals for allegedly hacking a bank’s system in Abuja.
The EFCC disclosed this via its X page on October 29, 2024.
The Commission identified the suspects as Chima Anthony Nwigwe (described as the alleged leader of the bank hacking syndicate) alongside three others: Effiong Victor Emmanuel, Mohammed Bello Mahmud (managing director of Downstone Ultimate Limited), and Daminan Ali.
EFCC allegations
The EFCC accused the suspects of conspiring to gain “unauthorized access to banks’ computer systems” and making “fraudulent withdrawals of depositors’ funds.”
“They were arrested in a sting operation in Abuja following actionable intelligence about their suspected involvement in hacking and compromising databases of commercial banks, causing fraudulent transfers and withdrawals through various digital platforms,” the EFCC added, without revealing the name of the said bank.
The anti-graft agency stated that the suspects would be charged in court upon the conclusion of investigations.
What you should know
- The EFCC statement remains in the realm of allegations, as it will take a court of competent jurisdiction to determine the fate of the suspects after the Commission and involved parties have presented their cases.
- Meanwhile, this development comes amid a surge in fraudulent activities across banking platforms in Nigeria, leading to a loss of N42.6 billion by Nigerian banks in three months between April and June this year.
- This was revealed by the Financial Institutions Training Centre (FITC) in its Q2 2024 Fraud and Forgeries report, just released in September.
- Nairametrics reports that, without including the Q1 figures, the amount lost in Q2 2024 alone surpassed the total amount lost to fraud by banks in the entire year of 2023.
- Analysis of FITC’s data for last year showed that banks lost a total of N9.4 billion throughout the year.
- Quarter on quarter, the Q2 loss reflects an 8,993% increase compared to the N468.4 million lost in Q1 2024. This also represents a 637% increase compared to the N5.7 billion loss recorded in Q2 2023.
The FITC report is based on returns from twenty-eight (28) deposit money institutions in the country. According to FITC, 80 such returns were received in the quarter under review.
Further analysis shows that twenty-six (26) reports were submitted in April, while twenty-seven (27) reports were received in both May and June.
