A major Nigerian telecommunications company has lost more than ?7.7 billion to a sophisticated cyber-enabled fraud scheme that exploited compromised internal staff credentials, the Nigeria Police Force has revealed.
The fraud was uncovered by the National Cybercrime Centre NPF-NCCC following a petition by the telecom firm, which raised alarm over unusual activities within its billing and payment systems. Investigations showed that login details belonging to company employees were unlawfully accessed, giving the suspects deep control over systems used to manage airtime and data.
