Syndicate targeted two banks
5th December 2003 (New Strait Times)

Two financial institutions were targeted by the syndicate that attempted to defraud account holders who use Internet banking facilities.

However, swift action by police working with information technology security consultants, prevented greater losses to the institutions.

"The National ICT Security and Emergency Response centre (NISER) played a pivotal role in thwarting attempts by the syndicate," a banking source said.

The organisation was established to oversee security issues related to information and communication technology in Malaysia.

The New Straits Times reported today that a syndicate had attempted to defraud account holders who used Internet banking facilities and that four men were arrested. Investigators also seized more than RM15,000 and further foiled an unauthorised withdrawal of RM150,000.

When NISER officials learnt of the attempt at fraud, they contacted the respective banks which then issued alerts through the media.

While police continue to track down the remaining members of the syndicate, including its mastermind who is still at large, IT security consultants revealed that a "mirror site" was created to pull off the scam.

"Spam e-mail was sent to account holders to make it seem that there was authentic mail and when recipients clicked on the icon, they were taken to a spoof site," said a consultant.

When NISER learnt of the scam, the banks were alerted and surveillance measures activated.

Two weeks ago, police learnt that a RM100,000 transfer was made over the Internet. It was taken from the account of a businessman and transferred to another individual's.

The businessman denied such a transaction, and following surveillance, a man who withdrew the money was arrested. Follow-up operations led to more arrests in Petaling Jaya and Seremban.

Banks issued media advisories to account holders to ignore a fraudulent e-mail circulating over the Internet.

The e-mail informed account holders of a new security system, and customers were advised to change their password by logging into a "new website".