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Bank staff receive jail terms over £1 million fraud

Bank staff receive jail terms over £1 million fraud

Banking insiders working with an organised crime group have been sentenced on charges of stealing up to £1 million from customer accounts

Organised crime group members Tosin Aminoritse, Matthew Abass and Emmanuel Chukwumeka Okafor recruited bank staff Tyrone Ayodele Odesanya, Ishmeal Jack and Hasses Khan, to create a sophisticated criminal network, targeting numerous victims.

The criminal network unlawfully accessed customer accounts to steal their money, using individuals pretending to be genuine customers to attend branches, conduct withdrawals and transfer funds to bank accounts under the group’s control.

The group were sentenced at Southwark Crown Court on 1 and 2 November 2023. Aminoritse received six and half years in prison, Abass received five and a half years, and Okafor received four years.

Bank staff Odesanya and Jack were sentenced to three years and nine months respectively, whilst Khan received a community order for 18 months to complete 240 hours unpaid work.

Detective Constable Andrew Hammond who investigated the case for the banking industry sponsored police unit, the Dedicated Card and Payment Crime Unit, comments: “Aminoritse, Abass and Okafor callously orchestrated the theft of over £1 million from unsuspecting victims. They carefully worked together to defraud banks and their customers. Odesanya, Jack and Khan abused their positions of trust and responsibility that came with their roles as bank staff."

The name of the bank(s) involved was not disclosed.

Comments: (2)

A Finextra member
A Finextra member 06 November, 2023, 10:20Be the first to give this comment the thumbs up 0 likes

Nowhere in this article is the bank named.

Anthony Campbell
Anthony Campbell - Bottomline Technology - London 07 November, 2023, 15:25Be the first to give this comment the thumbs up 0 likes

This is insider fraud at its best. And is likely to be a far more prevalent problem than banks and businesses realise, putting revenue and reputation at risk. Fortunately, technology is readily available to protect organisations from insider threats by delivering early-stage evidence, enabling prompt threat mitigation. Now, risk teams can use real-time record and replay technology alongside machine learning-based detection to alert and investigate unsolicited activity as it unravels. Bad actors – be they employees, contractors, or external parties with inside credentials – shouldn’t be allowed to get this far.

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