Three individuals arrested in major online banking fraud involving Standard Bank in Mozambique
Hilário Lole, spokesperson for the Mozambique Criminal Investigation Service (SERNIC), announced the arrest of three individuals following a warrant issued by the Judicial Court of the City of Maputo. The fraud, involving various transactions through the "Internet Banking" platform, affected private accounts and amounted to six million Mozambican meticais (approximately 95,000 US dollars).
The fraudulent activities occurred between August and October 2023. The funds were transferred to a newly opened account, created solely to receive the diverted money. The criminals then visited a casino, where part of the money was gambled, while the rest was converted into cash.
When questioned about the potential involvement of bank employees, Lole confirmed that an investigation is underway to determine whether there was any internal collaboration. He also noted that such crimes have become increasingly frequent in the country in recent years.
This incident is not the first problem involving Standard Bank. In the previous year, the Bank of Mozambique suspended the bank from all foreign exchange activities for up to a year due to serious prudential and foreign exchange violations. These violations included fraudulent manipulation of exchange rates and non-compliance with regulations, resulting in significant repercussions for the bank.
This recent case of electronic fraud underscores the importance of cybersecurity and stringent vigilance by financial institutions to prevent financial crimes and protect client funds. The ongoing investigation will further clarify the details of this incident and the possible involvement of bank employees.
