Hope PSB has initiated legal proceedings to recover ₦6.5 billion fraudulently obtained from its banking platform through a cyber attack.


Hope PSB has recently fallen victim to a significant cyberattack, resulting in financial losses estimated to be around ₦6.5 billion. In response to this incident, the bank is actively pursuing legal avenues to recover the stolen funds and ensure accountability for the perpetrators of this malicious act.

The incident occurred on July 15, 2024, resulting in unauthorized access and subsequent fraudulent transfers to numerous beneficiary accounts. Affected funds were dispersed across several commercial banks and neobanks. While some banks have commenced recovery efforts, specific details remain confidential. Hope PSB refrains from commenting on the matter at this time.

While Hope PSB reported the matter to the police on July 18, it did not disclose the mechanism of the fraud.

Nevertheless, an individual with firsthand knowledge of the situation disclosed that the fintech entity fell victim to a cyberattack, albeit without divulging specific details. In response to this cyberattack, the company took the prudent step of deactivating its banking infrastructure.

“It is preferable to experience a period of downtime rather than incur financial losses,” the individual stated.

“This is the first instance of an attack in the past five years, as we have implemented a robust risk management and compliance framework. Customer deposits remain secure, and there was no risk transference,” a company insider disclosed.

As digital payments experience exponential growth in Nigeria, nefarious individuals target banking institutions and fintech companies. Despite the substantial investments made by these entities in security measures, the perpetrators of these fraudulent activities exhibit increasing levels of sophistication.

According to data obtained from the NIBSS fraud industry report, financial institutions incurred significant losses amounting to ₦3.007 billion during the first quarter of 2024. These losses were the result of 20,638 reported incidents of fraud.