Tuesday, September 16, 2014
Bank IT Staff Suspected of N6.28 Billion Fraud
#GoodGrief, this dude is not smiling...
The Economic and Financial Crimes Commission (EFCC) has released a wanted notice on Godswill Oyegwa Uyoyou. He is suspected of being connected with a "case of Criminal Conspiracy, Obtaining Money under False pretence and Electronic Transfer of Fund. Godswill, an IT staff of a new generation bank, is alleged to have fraudulently connived with some scammers and hacked into his bank’s database and obtained the sum of Six Billion and Twenty-Eight Million Naira (N6.28b)."
This case highlights to risk that banks and other financial institutions face in terms of their Information Technology (IT) staff having access to account information and being able to carry out illegal transactions if they are so inclined. The major challenge arises from the fact that top managers do not have the skills required to effectively supervise IT staff in most institutions.
Hence, frauds like this may be difficult to stop.
Read more from EFCC.