The SA Postbank, part of the SA Post Office, became the target of cyber crime this month, losing R42 million. “We became aware of some fraudulent activity in the early part of January 2012,” says the Post Office. Media reports say the heist took place from 1 January to 3 January, while Postbank was closed for business. The Postbank system was hacked and transfers worth R42 million were made to specific accounts, after withdrawal limits were increased and the money was then pulled out of the accounts in large sums. The Postbank is attempting to become a fully licensed bank so that, while remaining state-owned, it may compete with commercial banks. “We need to emphasise that our customers' funds were in no way compromised by this incident,” said the Post Office. The Post Office adds that Postbank is working with the SA Police Services and the National Intelligence Agency to investigate the matter. “So as to ensure everything possible is done to prosecute those responsible to the fullest extent of the law. “We are not at liberty to divulge further information due to the investigations, which are currently under way,” explained Lungile Lose, spokesperson for SA Post Office.The Post Office is in charge of government's Trust Centre, which means government entities conducting work online and via e-mail, make use of the post office system. Responding to whether this raises security concerns for government, communications minister Dina Pule says “the centre has high security parameters to protect all the services delivered through it”. Media reports also say the Postbank spent over R15 million about three years ago to upgrade its fraud detection system. In 2009, the Postbank said its customers were hard hit by an upsurge in card fraud, via cloning, and in March 2010 it aimed to spend R250 million on the second phase of its IT upgrade plan.© Farzana RasoolSource: IT Web

read more: Postbank hacked for R42m