Police arrest bank hacker over N1.87bn fraud

Salau Abdulmalik Femi has been arrested for allegedly infiltrating the Flex-Cube Universal Banking System of a first generation bank and scooping as much as N1.87 billion.

According to the Police Special Fraud Unit, Ikoyi, the suspect specialized in hacking into the server of banks and corporate agencies.

Femi, who displayed exemplary mastery of the cyber environment, was arrested after he hacked the Flex-Cube Universal Banking System of a certain bank.

The SFU spokesman, a Deputy Superintendent of Police, Eyitayo Johnson, explained that the suspect, using application software, created fictitious credits totaling N1, 868,900,000 on the accounts of three of the bank’s customers and successfully consummated debits – outflows- amounting to N417, 542,000.00 through Internet Banking transfers to other banks.