25 May 2015

South Africa's Postbank loses R42 million to cybercrime gang

17 January 2012  |  5072 views  |  1 keyboard 2

South Africa's Postbank lost R42 million (£3.5 million) to cybercriminals who hacked into its computer systems and withdrew the looted cash from ATMs over the New Year holiday period.

The crooks gained access to a Post Office employee's computer and used it to deposit cash into a number of bogus acccounts that were opened across the country late last year.

The cash was withdrawn from ATMs in Gauteng, Free State and KwaZulu-Natal over three days between 1-3 January.

The country's National Intelligence Agency has launched a high-level probe into the incident.

The bank told local newspapers that none of its customers were affected, but declined further comment.

Comments: (1)

A Finextra member | 17 January, 2012, 18:42

With cybercrime attacks becoming sophisticated enough to compromise the DoD and their smartcards (http://labs.alienvault.com/labs/index.php/2012/when-the-apt-owns-your-smart-cards-and-certs) attacking a normal Windows-PCs with mere passwords (rated at IPF-2 in http://middleware.internet2.edu/idtrust/2008/papers/01-noor-ipf.pdf) is child's play.

Arshad Noor
StrongAuth, Inc.

Be the first to give this comment the thumbs up 0 thumb ups! (Log in to thumb up)
Comment on this story (membership required)
Log in to receive notifications when someone posts a comment

Finextra news in your inbox

For Finextra's free daily newsletter, breaking news flashes and weekly jobs board, sign up now.

Related blogs

Create a blog about this story (membership required)

Related stories

16 January, 2012
03 January, 2012
12 December, 2011
30 November, 2011
18 November, 2011
21 September, 2011
11 August, 2011
27 June, 2011
15 June, 2011
24 May, 2011
19 November, 2010

Top topics

Most viewed Most shared
Cash overtaken by non-cash payments in the...
6934 views comments | 48 tweets | 31 linkedin
UK opts out of European online payments se...
6127 views comments | 19 tweets | 15 linkedin
MasterCard launches personal payments serv...
5989 views comments | 15 tweets | 28 linkedin
US banks bid to crack down on 'card cracki...
5589 views comments | 8 tweets | 10 linkedin
Metro Bank to offer consumer loans via Zop...
4828 views comments | 29 tweets | 21 linkedin

Featured job

to £100K base, 200K ote, stock options, benefits
London, UK

Find your next job