Bank Software Hacked: GH¢46 Million Stolen

Six persons have been arrested in connection with the hacking of a universal bank in Accra, which led to the illegal transfer of GH¢46 million into accounts of eight persons in different banks.

The Cyber Crime Unit of the Criminal Investigations Department (CID) of the Ghana Police Service arrested a former banker and owner of Adom Sika Savings and Loans Limited, Sam Acquah, and a web developer, James Taylor, believed to be the masterminds of the cyber crime.

The others — Hudu Abdul Mumuni, Emmanuel Adams, Moro Issah and Agbenu Febous Chrissy — were picked up when they showed up at various banks to withdraw the money transferred into their accounts through the illegal wire transaction.

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Two other suspects said to be part of the syndicate, who have been identified only as Boateng Mends and Pussy Cat, are on the run.

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Modus operandi

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The cyber hackers allegedly logged into the banking software of the bank remotely and used the login credentials of some members of staff of the bank, some of whom were on leave, to effect the illegal transfers.

Briefing the Daily Graphic, the Director of the Cyber Crime Unit of the CID, Assistant Commissioner of Police (ACP) Dr Gustav Herbert Yankson, said on July 2, this year, the unit received a complaint about the fraudulent wire transfer and immediately alerted the banks where the money had been transferred to prevent withdrawals.

“We moved in and blocked the accounts into which the fraudulent wire transfers were made. This prevented the bank whose banking software was hacked from losing the money,” he explained.

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The management of the bank, on detecting the fraud, also disabled the SWIFT server immediately to prevent further transfers, after which the banks involved were alerted to prevent withdrawals.

Source: Graphic.com.gh