I will start by saying…Security by obscurity is zero…zip…nada. And while this is not the classic case of online fraud, it just goes to show that technology can speed the execution of the crime and subsequent disappearance of the perpetrator.
A fraudster has recently stolen more than ksh 60 million from CFC Stanbic Bank from an undisclosed bank account. The chap…cleverly convinced bank staff at the HQ to transfer money to his account in a different bank through the Real Time Gross Settlement system, under false pretenses then quickly wired the money to another account in Dubai.
It took a simple call to the manager to convince the bank to wire the money. The chap had intimate details of the account and the bank carried out the transaction within the hour. Clean, flawless no guns “heist”…
Just tow weeks ago a similar scheme was stopped at the I&M bank, where some clever chaps tried stealing a cool 30 million bob. The bank called the designated contact of the account only to be told that the transaction was fraudulent.
Central Bank is now on record as having cautioned the banks to be extra careful, and to know their customers well, in addition to vetting their staff and improving the staff monitoring. It seems that there’s a new bread of “inside job” fellas in the banking industry. The thing about the Real Time Gross Settlement system, is that once a transaction is done, it is fianl and irrevocable.