By Crime and Courts Reporter | A 24-year-old Midlands State University final-year Computer Science student, Sabelo Malunga, has appeared in court accused … Continue reading "MSU Student Nabbed Over Sophisticated US$1.1m Cyber Theft"
By Crime and Courts Reporter** |** A 24-year-old Midlands State University final-year Computer Science student, Sabelo Malunga, has appeared in court accused of hacking into CABS’ computer systems and stealing more than US$1.1 millionthrough a sophisticated cyberattack.
Malunga allegedly gained access to the bank’s systems while working as an IT intern between November last year and February 23 this year.
According to the State, on January 23, Malunga used a CABS-issued laptop to download SUPREMO, a remote-access application, without authorisation. He allegedly concealed the application within system files to evade detection.
Prosecutors allege that Malunga continued accessing the bank’s systems after his internship had ended, using the malware to bypass internal security controls and create fraudulent ZIPIT and VISA transactions.
The alleged cyberattack was uncovered on March 27 after VISA flagged two suspicious international ATM transactions. CABS subsequently blocked the affected accounts, but had allegedly already suffered a loss of US$210,500.
Further investigations on April 13 reportedly uncovered multiple malware infections on the bank’s servers.
According to the State, investigators identified 1,911 fraudulent ZIPIT transactions worth US$925,679, with the money allegedly transferred to accounts linked to EcoCash, InnBucks, CBZ and Ecobank.
CABS subsequently engaged South African digital-forensics company MWR to investigate the breach and remove the malware. The forensic investigation allegedly linked Malunga to the cyberattack.
The State further alleges that the malware enabled the creation of fraudulent transactions, the circumvention of authorisation systems, fictitious transfers and the generation of fake telegraphic transfers.
CABS is alleged to have suffered an actual loss of US$1,136,179, with no money recovered so far.
Malunga is facing a hacking charge and was remanded in custody pending his bail application.
The allegations have not yet been tested in court, and Malunga is presumed innocent until proven guilty.
