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8 arrested over £1.3 million cyber theft at Barclays

by , 22 September 2013

On Friday, it emerged that Barclays fell victim to cyber theft. British police arrested eight men for allegedly stealing £1.3 million (R20.6 million) from the bank. Let's take a closer look at what went on…

Police in the UK announced on Friday that they had eight men in custody relating to theft from Barclays, reports Fin24. It’s alleged that the gang took “control of a branch computer system”.

It’s alleged that the gang installed “a device on the bank’s computer system,” reports IOL. By doing this, the gang could “carry out the cyber theft”.

The men in custody range from 24 to 47, adds IOL.

The investigations led to searches “across London,” reports the BBC. The searches resulted in police uncovering “cash, jewellery, drugs and credits cards”.

Santander nearly fell victim to the same crime last week

Last week, Santander nearly fell victim to a similar crime, notes the BBC. This resulted in four men appearing in court with “attempting to take control of computers at a Santander branch”.

In both cases, “a gang member posed as an engineer and installed devices on the bank’s computers,” says IOL.

These devices allowed gang members to “remotely transfer money into their bank accounts,” reports Fin24. The Barclays incident happened in April.

“A highly-organised criminal network” carried out the cyber theft, police say reports the BBC. Detective Superintendent Terry Wilson says that “all criminal networks have a head” and the investigation believes they have got their “Mr Big as part of this operation”.

The police say that “Barclays recovered a significant amount of the money stolen,” reports Fin24. The arrests are the first after a “five month investigation”.

No doubt all banks will be on high alert for a similar type of crime now with criminals posing as engineers.

8 arrested over £1.3 million cyber theft at Barclays
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