SA’s Postbank loses USD5m

Cyber criminals are reported to have stolen over USD5 million from South Africa’s Postbank.

Postbank is a financial services division of the SA Post Office, offering savings, electronic transfers and online banking, among other services.

SA’s Sunday Times reports that a syndicate of criminals managed to access the service’s systems, increase withdrawal limits and withdraw over USD5 million from ATMs in various provinces over just three days while the offices were closed for the New Year.

The authorities are reported to have launched a high-level investigation.

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