22 February 2017
visit nextgenbanking.co.uk

South Africa's Postbank loses R42 million to cybercrime gang

17 January 2012  |  5634 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The cash was withdrawn from ATMs in Gauteng, Free State and KwaZulu-Natal over three days between 1-3 January.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
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)

Finextra news in your inbox

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

Related stories

Tel Aviv exchange Web site knocked out as Middle East cyber-war escalates

Tel Aviv exchange Web site knocked out as Middle East cyber-war escalates

16 January 2012  |  6507 views  |  0 comments
Saudi hacker posts Israeli card details

Saudi hacker posts Israeli card details

03 January 2012  |  7786 views  |  0 comments
Restaurant Depot hacked by Russian cyber-criminals

Restaurant Depot hacked by Russian cyber-criminals

12 December 2011  |  13034 views  |  1 comments
OpRobinHood: hackers steal credit card details to give to poor

OpRobinHood: hackers steal credit card details to give to poor

30 November 2011  |  10592 views  |  0 comments
Nasdaq hacking investigation uncovers lax security - Reuters

Nasdaq hacking investigation uncovers lax security - Reuters

18 November 2011  |  7369 views  |  0 comments
RBS WorldPay hacker's property auctioned off

RBS WorldPay hacker's property auctioned off

21 September 2011  |  7155 views  |  0 comments
Two thirds of banks believe cyber-crime is uncontrollable

Two thirds of banks believe cyber-crime is uncontrollable

11 August 2011  |  13608 views  |  3 comments
Citi hackers steal $2.7m

Citi hackers steal $2.7m

27 June 2011  |  12204 views  |  1 comments
Citigroup hackers broke in through the public Website - NYTimes

Citigroup hackers broke in through the public Website - NYTimes

15 June 2011  |  11118 views  |  0 comments
Ex-BofA IT worker jailed for ATM hack

Ex-BofA IT worker jailed for ATM hack

24 May 2011  |  8477 views  |  0 comments
Malaysian hacker breached Fed network

Malaysian hacker breached Fed network

19 November 2010  |  10680 views  |  0 comments

Related blogs

Create a blog about this story (membership required)
Visit contisgroup.comvisit dh.com

Top topics

Most viewed Most shared
IBM and Visa join forces to turn billions of connected devices into points of saleIBM and Visa join forces to turn billions...
18827 views 11 comments | 56 tweets | 92 linkedin
EBA to relax controversial PSD2 authentication rulesEBA to relax controversial PSD2 authentica...
9882 views comments | 49 tweets | 67 linkedin
hands typing furiouslyBlockchain Technology
9225 views 0 | 8 tweets | 1 linkedin
Kevin the bot uses blockchain to offer insurance for P2P transactionsKevin the bot uses blockchain to offer ins...
8852 views comments | 19 tweets | 15 linkedin
RBS to become fintech fund and high street outlet for challenger banks under HMT remedyRBS to become fintech fund and high street...
7565 views comments | 37 tweets | 33 linkedin

Featured job

Six Figure Base + Commission + Stock Options
London

Find your next job