Cyber gang steals R42 million from SAPO Postbank

NIA has launched a high-level probe after a cybercrime syndicate stole R42 million from SA Post Office financial institution Postbank

By - January 15, 2012 Share on LinkedIn
Cyber criminal

The National Intelligence Agency (NIA) has launched a high-level probe after a cybercrime syndicate stole R42 million from SA Post Office financial institution Postbank over the New Year holidays, the Sunday Times reported.

The theft occurred between January 1 and January 3, and was allegedly committed by a syndicate with knowledge of the post office’s information technology (IT) system.

Department of state security spokesman Brian Dube confirmed that the theft had occurred and that the probe had been launched.

“When a government institution is compromised, the NIA will be involved and will offer its assistance,” he told the newspaper.

Postbank currently holds over R4 billion in deposits, and processes millions of rands in social grants throughout the year.

The bank told the newspaper that none of its customers were affected by the hacking, but declined to comment further.

The syndicate reportedly opened several Postbank accounts across the country late last year, and during the New Year holiday period gained access to a Rustenburg Post Office employee’s computer and made deposits from other accounts into its own.

Over the next three days, automated teller machines (ATMs) in Gauteng, Free State and KwaZulu-Natal were used to withdraw cash from the accounts.

The incident comes three years after Postbank spent over R15 million to upgrade its fraud-detection service.

An unnamed security expert told the newspaper that serious questions had to asked about Postbank’s internal systems.

“The Postbank network and security systems are shocking and desperate need of an overhaul. This [theft] was always going to be a real possibility,” the expert said.

Share your thoughts

Join the conversation

Connect with Us

androidappletwitterfacebookgoogleplusfeednewsletter

Poll

Do you think Brexit will benefit South Africa?

View Results

Loading ... Loading ...

More News

South African ISP suffers massive password leak online

Hacker

The names and passwords of a South African Internet service provider’s customer base have been leaked online.

Why your ISP should never throttle you

Black couple looking at laptop

Most ISPs in South Africa still throttle their clients extensively, leaving their ADSL account useless after they have reached a mythical usage limit set by the ISP.

Naspers profit climbs on Tencent, e-commerce boost

Naspers logo on wall

Tencent and e-commerce businesses have helped lift Naspers’ revenues by 6% to $12.2bn for the financial year ended March 31 2016.

MTN hits back over its white CEO

Robert Rob Shuter MTN CEO

Mobile operator MTN has hit back at claims by the Black Management Forum that its new CEO should have been black, in keeping with the spirit of transformation.

X

Newsletter Subscription


Name
Email *
Enter the following to confirm your subscription *
Captcha image


Free MyBroadband Newsletter
Subscribe
×