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Friday, March 4, 2011

Cops close account on Internet banking scam

A syndicate run by African nationals which preys on local account holders has been smashed. The group is responsible for siphoning off millions of ringgit.

KUALA LUMPUR: Police have smashed a syndicate comprising students from three African countries who had siphoned off millions of ringgit belonging to local account holders via an Internet banking scam.

Acting on several reports, police picked up two Tanzanians, two Zimbabweans and two Nigerians in their mid-20s from two colleges in Puchong late yesterday evening. Also arrested in the raid was a female student from Sarawak.

Police recovered laptops and more than 15 ATM cards belonging to locals

The modus operandi of the syndicate, which has been operating for more than a year, is to normally send out e-mails and SMS to the account holders with Internet banking facilities requesting them to update their account.

A Bukit Aman commercial crime department officer told FMT that some account holders revealed information including passwords without verifying whether the request was from a genuine source (bank staff).

The syndicate then used the information to transfer the money to the accounts of other locals, who in return recieved incentives for allowing their accounts to be used by the syndicate.

“Even if we narrowed down the suspects, they still can get away with it since the money is transferred to a third person’s account,” said the officer.

Initial investigations revealed that the syndicate targeted a single Internet banking facility provided by a leading local bank.

The officer said his department is working with the bank on ways to improve the security features of its service.

“At the same time, those relying on Internet banking should be more careful and not disclose their account details to unauthorised individuals,” he added.

The officer said that an average of seven to eight such complaints were reported nationwide with each transaction being between RM3,000 and RM5,000.

Meanwhile, the suspects were handed over to the Malacca police to facilitate investigations into similar reports lodged in the state. - FMT

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