(MENAFN- Khaleej Times)
The Sharjah Police have arrested a 32-year-old man who tried to embezzle Dh2.8 million after hacking an advertisement company's bank account. The Asian suspect committed the cyber fraud through phishing, the police said.
Lt.-Col. Muhammad bin Haider, acting head of the Buhaira Comprehensive Police Station, said the suspect was arrested within eight hours of the complaint being filed.
The officer said the advertisement company's director registered a complaint with the police on August 17 that its account had been hacked and that the suspect withdrew an amount of Dh1.1 million.
Lt.-Col. Muhammad said the suspect hacked the victim's account and found out about a Dh2.8 million transaction that was to happen from a company in a Gulf country. He then sent a mail, asking the said company to transfer the amount to another bank account. The company did not realise that the account was hacked and approved the transaction.
The suspect withdrew Dh1.1 million through transactions at multiple branches.
A police team formed to investigate the crime tracked the suspect and arrested him before he could withdraw the rest of the amount. The police arrested him red-handed while attempting to withdraw more money. He has confessed to his crime and the police have referred him to the public prosecution for further investigations.
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Lt.-Col. Muhammad called on the owners of companies and private institutions to ensure that their e-banking systems comply with the approved information security standards and specifications.
He stressed on the importance of following up on bank accounts, verifying banking transactions, and monitoring any suspicious or unfamiliar activities. He also advised that companies introduce additional safety measures to prevent unauthorised transfers.
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