By Barnabas Esiet
In a shocking display of negligence, Sterling Bank Plc has lost a staggering N1.2 billion to a group of alleged hackers.
The incident has raised serious concerns about the bank’s security measures and its ability to protect customers’ funds.
According to reports, a five-man gang of internet fraudsters was arraigned before Justice Ambrose Lewis-Allagoa of a Federal High Court in Lagos for allegedly hacking into Sterling Bank’s banking platform and Bance Application.
The defendants, Victor Nwabueze Ogochukwu, Favour Odey, Adekunle Daniel, Akachukwu Alagbogu, and Oguntade Yetunde, were accused of conspiring to commit internet fraud to the tune of N1, 257, 536, 572.50 billion.
The prosecutor, Barrister Justine Enang, alleged that the defendants collaborated with internal staff of Sterling Bank and external parties to compromise the bank’s sensitive data and security system.
The hackers allegedly used international mobile equipment identity 14984244, IP address 84252.113.3, and 88 transactions to carry out the fraud.
The incident has sparked outrage among Nigerians, with many questioning the bank’s security measures.
“How could a finance institution with the reputation of Sterling Bank allow such a massive fraud to occur?” asked a concerned customer. “It’s unacceptable and shows a clear lack of regard for customers’ funds.”
This is not the first time Sterling Bank has been involved in a major fraud scandal. In 2018, two individuals were accused of obtaining N1.8 billion from the bank through false pretence.
The bank’s management has yet to comment on the latest incident, but the court has admitted the defendants to bail in the sum of N50 million each with one surety in like sum. The case has been adjourned to March 13 for trial.
As the investigation continues, one thing is clear: Sterling Bank’s has a lot to do to protect its customers from significant risk.
The bank must take immediate action to strengthen its security systems and prevent such incidents from occurring in the future.
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