Home NEWS Hackers snatch $6.7m in South African cyber bank robbery

Hackers snatch $6.7m in South African cyber bank robbery

120120-south-african-170 A mere three years after a South African bank spent $1.8 million on a new fraud-detection system, hackers managed to...

 swindle $6.7 million out from under that system's nose.

As the South African Times Live reported on Sunday, the high-tech heist is believed to have been carried out by a cybercrime syndicate with in-depth knowledge of the IT systems in question.

The bank, Postbank, is part of the South African Post Office. It holds about $500 million in deposits and oversees the movement of millions of rands in social grants each month, according to Times Live.

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