Philippines’ National Bureau of Investigation (NBI) has arrested four Nigerian in Municipal City.
The agency arrested the students for alleged involvement in the hacking stealing of funds from banks.
Vic Lorenzo who serves as the NBI Cybercrime Division Chief said the Nigerians were part of an international syndicate who hack banking systems, taking advantage of the flaws in their systems.
The NBI, however, stated that the students violated the Access Device Law, Anti-Cyber-crime law, and falsification of public documents.
Philippines-based ABS-CBN News said fraudulent transactions were traced after they hacked a system of one Philippine bank, where at least P100 million were transferred and diverted into a different account.
Lorenzo also added that the international syndicate is complicated to the point that they study the system’s flaws.
“Once they see a weakness, they will take advantage of that,” Lorenzo added.
One of the suspects’ girlfriend who is a Filipino admitted to having used her account to deposit and withdraw money amounting to at least P2 million, which was supposedly for tuition.
Blank ATM cards and bank receipts were confiscated from the suspects after their arrest.
The Nigerians, however, denied the fraudulent allegations, claiming that they were in the Philippines to study and that they know nothing about the hacking incident.
One of the suspects said the funds withdrawn were donations from a Nigerian student community for their education.