Look like some hackers were very busy this New Year, while other were enjoying it. The officials were shocked to know that a welled planned cyber heist was carried out in their Postbank, South African Postbank.
The hackers were successful at transferring money to their account and flee with it, costing the postbank with loss of $ 6.7 million (42 million Rands). According to the Sunday Times, the cyber gang behind the heist was obviously very well informed about the post office's IT systems, and began preparing the ground for its execution a few months before by opening accounts in post offices across the country and compromising an employee computer in the Rustenburg Post Office.
Once the offices were closed for the New Year holidays, the gang put their plan in motion. They accessed the computer from a remote location and used it to break into Postbank's server system and transfer money from various accounts into the ones they opened.
Having also raised the withdrawal limits on those accounts, money mules had no problem withdrawing great amounts of money from ATMs in Gauteng, KwaZulu-Natal and the Free State during the next few days, stopping completely when the offices were opened again on January 3.
Unfortunately, the Postbank's fraud detection system hasn't performed as it should, and the crime was discovered only after everyone returned to work after the holiday break. The National Intelligence Agency (NIA) and the police have launched a high-level probe. The theft raises concerns that the security network of the bank - which holds about R4-billion in deposits and through which millions of rands in social grants move each month.
Via: net-security.org, Timeslive.co.za
The hackers were successful at transferring money to their account and flee with it, costing the postbank with loss of $ 6.7 million (42 million Rands). According to the Sunday Times, the cyber gang behind the heist was obviously very well informed about the post office's IT systems, and began preparing the ground for its execution a few months before by opening accounts in post offices across the country and compromising an employee computer in the Rustenburg Post Office.
Once the offices were closed for the New Year holidays, the gang put their plan in motion. They accessed the computer from a remote location and used it to break into Postbank's server system and transfer money from various accounts into the ones they opened.
Having also raised the withdrawal limits on those accounts, money mules had no problem withdrawing great amounts of money from ATMs in Gauteng, KwaZulu-Natal and the Free State during the next few days, stopping completely when the offices were opened again on January 3.
Unfortunately, the Postbank's fraud detection system hasn't performed as it should, and the crime was discovered only after everyone returned to work after the holiday break. The National Intelligence Agency (NIA) and the police have launched a high-level probe. The theft raises concerns that the security network of the bank - which holds about R4-billion in deposits and through which millions of rands in social grants move each month.
Via: net-security.org, Timeslive.co.za
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