Post Bank’s efforts to fight cybercrime start to pay off as the systems have been properly secured at last. In the past, Post Bank has been a sweet treat to the eyes of professional robbers and hackers. The reason was the weak or nil security on its systems. The outsider force didn’t have much to do to get what they wanted. Hence, billions have been stolen from this bank to date.
However, the management finally took the initiative and decided to act upon the promises they have been making for so many years. We had been hearing quite a lot that a team of highly qualified professionals had been appointed to look into this matter. Turns out that they have done their job finally! Of course, there is a lot more to it as well that can’t be discussed here. So, if you want to know more, keep on reading the following article!
Post Bank’s Efforts To Fight Cybercrime Start To Pay Off
As I mentioned earlier, the Post Bank has been an ideal spot for easy robberies and thefts in the near past. In December 2022 alone an amount of R18 million was fraudulently looted from the bank. This was the largest theft reported in a single transaction in the history of This bank’s robberies in totality. Hence, all the transactions were sealed and all the withdrawals were temporarily blocked so that the systems could be fixed once and for all.
Real Reasons For Theft
Seeing the weak internal controls as an opportunity for loot, both the internal as well as external culprits collaborated and robbed the bank. When the systems were inspected, it was observed that about forty of the bank’s personal staff logged into the system using the same key.
Apart from that, no tool was installed into the systems to detect fraudulent activities by the employees or to generate backhand reports to detect who accessed the systems and at what time. All these weaknesses provide ample opportunities for thefts in broad daylight.
However, since the spokesperson of the Post bank has announced that all the anomalies in the systems of the bank have been fixed, no cyber crimes or breaches in the internal controls have been reported. In fact, the recipients of various funds have started receiving their payments through Post bank as well.
At least now all the corrective measles have been taken by the management and we all hope that such a mishap won’t happen at the Post Bank. It is the easiest form of fund distribution to the recipient of various bursaries all across South Africa. I hope that the funds stay secured at the bank and away from the devious eyes of robbers.