Nightmare Upgrade – Bank Attacked By Fraudsters

It doesn’t take long for fraudsters to figure out a great opportunity.

And that is exactly what happened at AmFirst last weekend after they launched an upgrade of their online banking portal.

The CEO Announced The Upgrade

The CEO, Bill Connor announced the update one month ago and advised that the bank would be upgrading the online banking portal to make it easier for customers.

You can check out the announcement here.

The Upgrade Appeared To Allow Customers To Access All Accounts With A Single Sign On

The system upgrade was all about convenience, allowing multiple account holders to share access online in a single view of all accounts.

This is a video explaining the upgrade to customers.

The Bank Upgraded The System Over The Weekend, Fraudsters Pounced

Most upgrades happen on the weekends when activity is lower for customers. But apparently, fraudsters were well aware of the upgrade because check out Telegram on the same day the upgrade began. 👇

AmFirst Attacked By Fraudsters

Apparently the attacks caught the attention of AmFirst and they notified law enforcement and the news.

A report today in ABCNews confirms the fraud attack, and authorities at the bank advised that they are working with Law Enforcement.

“AmFirst is conducting a thorough investigation of reported fraudulent withdrawal activity during a weekend system upgrade and have relinquished all findings to the appropriate authorities. “, said a bank representative, “We will support their subsequent investigation as they work to hold these individuals accountable”

Fraudsters Are Opportunist And Will Pounce During Upgrades

If this experience at AmFirst teaches us anything, it’s that fraudsters are opportunist and are always watching what banks are doing around upgrading their systems.

They pre-plan their attacks and they are instantly ready to take advantage of any exploit they can.