A major cyberattack on Hope Payment Service Bank (Hope PSB) resulted in the theft of N10 billion, with fraudulently diverted funds traced to 818 bank accounts now frozen by court order. The Federal High Court in Abuja granted the Inspector General of Police (IGP) a 30-day extension to maintain the freeze on these accounts as investigations continue into the cyber heist.
The cyberattack, which occurred in July 2024, involved sophisticated fraud, criminal diversion, and conspiracy, with insiders suspected to have aided hackers by plugging devices into the bank’s systems to facilitate remote control and fund transfers.
The stolen funds were laundered through multiple accounts in an attempt to obscure their origin and evade recovery.Authorities, including the Nigeria Police Force and the Economic and Financial Crimes Commission (EFCC), are actively pursuing recovery efforts. The EFCC has also intervened in related hacking cases involving six other Nigerian banks, helping recover billions of Naira and exposing internal collusion in these crimes.
The incident highlights the growing threat of cybercrime in Nigeria’s banking sector, which lost a total of N53.4 billion to cybercriminals in the first nine months of 2024 alone. In response, several banks, including major players like Zenith Bank, are upgrading their security infrastructure to better protect customers’ funds and prevent future breaches.
The court’s freezing of the 818 accounts is part of a broader effort to clamp down on cyber fraud and recover stolen assets, signaling increased vigilance by Nigerian authorities against financial cybercrime.
