3 held for Postbank cyberheist

2012-02-06 18:05
Cape Town - South African Post Office (Sapo) employees are among the suspects arrested after they allegedly stole R42m from Postbank, Eyewitness News (EWN) reports.

At least three people were arrested, two of them who work for Sapo, after the theft by a cybergang that struck at the start of January.

It is still not clear how senior the insiders were or what role they played in the crime, EWN said.

Several people were involved in the arrests.

The syndicate, believed to have knowledge of the post office's information technology system, apparently stole the money between January 1 and 3.

According to the Sunday Times newspaper, the syndicate opened several Postbank accounts across the country late last year.

During the New Year holiday period, the thieves gained access to a Rustenburg post office employee's computer and made deposits from other accounts into their own.

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

Postbank currently holds over R4bn in deposits, and processes millions of rands in social grants throughout the year.

According to the newspaper, the theft comes three years after the bank spent over R15m to upgrade its fraud-detection service.

Read more on:    sapo  |  cybercrime

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