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National Foods Loses US$6m To Cybercriminals In Zimbabwe

1 year agoMon, 22 May 2023 10:25:37 GMT
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National Foods Loses US$6m To Cybercriminals In Zimbabwe

National Foods, a local food product manufacturer, lost over US$6 million to cybercriminals who hacked into its computer systems and accessed credentials to transfer funds from its bank accounts.

The suspects, including two foreigners, used a phishing scam to send fraudulent emails to the company’s finance manager, purportedly from a South African financial institution.

Upon opening the email, Natfoods’ computer system was corrupted, giving the fraudsters access to the company’s financial transactions. The scammers then used the finance administrator’s credentials to instruct the company’s banks to deposit money into their own accounts in South Africa. This is one of the biggest cybercrimes ever reported in the country.

The Zimbabwe Republic Police spokesperson, Assistant Commissioner Paul Nyathi, confirmed the case. He said:

I can confirm that we have that case. I will have the full details by Monday.

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What Happened:

According to sources close to the case, local banks received what they believed were legitimate instructions to transfer funds from Natfoods. Funds were transferred into two South African banks, FNB and First Rand Bank, on multiple occasions between September and October of last year.

The fraudulent activity was only discovered during an internal financial audit in November. An investigation was launched, revealing that Natfoods’ computer system had been compromised. The investigation looked into transactions between Natfoods and two local banks that had worked with the company. 

Sources have reported that investigations show that the computer system of the company was hacked through the finance manager’s email.

The fraudulent activity went unnoticed until one of the banks raised concerns regarding an overdraft, revealing that funds had been transferred to South African banks. The matter was reported to the CID Commercial Crimes Department, and investigations are ongoing.

The scammers have withdrawn approximately US$3.5 million out of the total US$6 million that was taken. A High Court order in South Africa was obtained to freeze bank accounts containing part of the funds pending investigations.

Who are the Cybercriminals:

The Asset Forfeiture Unit of the National Prosecuting Authority, with assistance from South African authorities, has obtained a seizure order for properties suspected to have been bought using proceeds of the crime. The South African authorities have seized a fleet of vehicles and a mansion in Johannesburg.

Two individuals, a Congolese and a Ghanaian, have been identified as the masterminds behind the crime, with leads indicating the involvement of Zimbabwean nationals.

An investigating team led by a high-ranking official from the NPA will leave for South Africa today to conduct further inquiries into the case, working with the South African police.

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30 Comments

Buhle Magaba · 10 months ago
My question is what can be done so that organizations are aware of such phishing attacks as they seem authentic and deceive the receiver of the emails thinking its from a legitimate source?
James Spider · 1 year ago
Some lady contacted me on IG and got me to trade with this company. Constantly convincing me for one reason to the other to keep increasing my deposits. Long story short, I lost about $88,000 I've never been so disappointed in my life, trusted them only to be deceived like this. Just another one of those shady companies that have nothing to offer. Wish I had read some comments in forums earlier, wouldn't have dealt with them. Glad I found a reliable expert at Henry Walter in some forums who helped me get back everything I lost. If you're also a victim of these guys or lost your money to similar companies, write me and I'll refer you to the Recovery Experts. I'll make sure you get back everything you lost Email: davidmoore9951 (@) GM AIL , C0M
W. Chimuriwo · 1 year ago
Mari dzinobiwa idzi bho here, tichitambura kudai ma Zimba!
myself · 1 year ago
haaa maZimbo makoronyera ,anowanikwa pese pese
PinduraGPT · 1 year ago
Phishing is the fraudulent attempt to obtain sensitive information, such as usernames, passwords, and credit card details (and, indirectly, money), often for malicious reasons, by disguising oneself as a trustworthy entity in an electronic communication such as email or instant messaging. This is usually done by sending a fraudulent message or creating a fake website that looks like it's from a legitimate source in order to trick the recipient into sharing their confidential information.
it administrator · 1 year ago
This is a tip of iceberg companies should warm themselves against these scammers
Black Adam⚡ · 1 year ago
😂😂😂This is what happens mukasapa ma University graduates mabasa. Now they have used their IT knowledge to rob hahaha. 6 million yakutogowewa between them, vachatenga dzimba, motor ma Benz and Toyota Hilux lol.
1
Grandpa Rick · 1 year ago
So the company was not reconciling its statement regularly to see anomalies
Hokage · 1 year ago
If they were real hackers you would have never caught them , these guys are wannabees , they should've bought some crypto with the money straight from Nash Foods account and tranfered the crypto into their accounts , that becomes untraceable .
Yoyoyo · 1 year ago
Hahaha wangu, the way you sound like a pro hacker. Vanhu information iyi munoiwanepi shuwa? 🤣 🤣 🤣
.... · 1 year ago
Hahaha 😂 😂 crypto is traceable.
Y · 1 year ago
How????
Anonymous · 1 year ago
Haaa chief, you will still be caught. There are lots of highly sophisticated cyber criminals using highly highly sophisticated hacks being arrested internationally. And we talking of government sponsored syndicates. Once you decide to hack, simply know that you are already like a burglar, your are breaking in to someones premises and you have to be very lucky not to eventually be caught.
1
Limbikani · 1 year ago
idama iroro
Hokage · 1 year ago
crypto is still the way to go , you will not get traced if nothing leads to you , sure hackers are getting caught across the globe that use way more sophisticated means but in Africa , you'll lose whoever is chasing you , in the crypto , and if they even come close to catching you , it'll be years , you will be in a safe house , hacking is still the cleanest way to steal money ,
Hokage · 1 year ago
what do you mean crypto is traceable, when did people start tracing bitcoin , perhaps you're right
ini zvangu · 1 year ago
This is an inside job. Finance Manager was sleeping on duty.
ini zvangu · 1 year ago
This is an inside job. Finance Manager was sleeping on duty.
1
Anonymous · 1 year ago
My thoughts also. How does US$6MIL disappearance between Sept Oct only get discovered in November??? Haa ngatisatamba vakomana.. Basa remaAccountant, Finance managers, Credit controllers nderechii paCompany if such an amountbof money can just disappear without raising eyebrows,,,, kumirira kuti bank rizokuudzai kuti 6Mil yaenda??? Haaaa kkkkkkkk...
Patriot · 1 year ago
This is a brainchild of the Western countries.
1
inini · 1 year ago
manager boe hre. apa aaaa ma 1
Tateguru · 1 year ago
Pakaipa zvedi. Computers should be checked daily

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