Hackers stole over $2 million through ATMs, FG reveals how banks are being breached
By Aboki Forex —
Nigeria's Computer Emergency Response Team (ngCERT) has warned banks to strengthen their cybersecurity following a surge in ATM-related cyberattacks targeting financial institutions across Africa.
The agency issued a high-risk security advisory on June 25, 2026. It said the attacks pose a serious threat to the financial sector and could result in significant financial losses, operational disruptions and reputational damage if not swiftly addressed.
ngCERT operates under the Office of the National Security Adviser (ONSA). It urged financial institutions to urgently review and reinforce their security infrastructure to prevent similar attacks.
The advisory referenced a recent cyberattack on United Bank for Africa (UBA) in Senegal. Cybercriminals stole more than $2 million through 3,421 ATM withdrawals. The attackers gained privileged access to the bank's card authorisation systems. They manipulated transaction controls and coordinated large-scale cash withdrawals from multiple locations.
ngCERT warned that the same attack method could easily be replicated against banks operating similar ATM and payment card infrastructure across the continent.
Investigations revealed that attackers typically gain entry into banking networks through phishing emails, compromised third-party vendors, supply-chain vulnerabilities or insider access. Once inside, they conduct extensive reconnaissance to identify systems responsible for ATM processing, card management and transaction authorisation.
The criminals then alter withdrawal limits, transaction velocity settings, fraud detection thresholds and payment card records. This enables a network of operatives to simultaneously withdraw large sums of cash from ATMs in different locations before the fraud is detected.
ngCERT advised banks to improve access controls, deploy multi-factor authentication, strengthen ATM security and enhance real-time monitoring.