Hope PSB hit by ₦6.5 billion cyberattack, seeks legal recourse for recovery

Hope PSB has begun recovering ₦6.5 billion fraudulently obtained from its banking platform in a cyber attack.

Hope Payment Service Bank, the self-described “premier digital-first bank in Nigeria,” has begun a legal process to recover ₦6.5 billion fraudulently obtained from its banking platform by unknown persons.

“On about July 15, 2024, there was unauthorised access to the Plaintiff’s banking platform, following which huge sums of money were transferred fraudulently from the plaintiff’s banking platform to certain beneficiaries’ accounts,” said an excerpt from a motion the company filed at a high court in Lagos and seen by TechCabal.

The fraudulently obtained sum was transferred to hundreds of accounts in commercial banks and neobanks. One bank executive said a few of the banks involved had begun to recover some of the money but declined to share exact figures.

Full story at Tech Cabal.