Hackers drain bank accounts in long-running scam in Turkey

In a cyber crime operation that lasted around 10 months, hackers infiltrated the online banking accounts of 33 customers from a private bank in Istanbul in late night hours, siphoning off a staggering 5.4 million Turkish Liras. 

The cyber criminals accessed accounts via internet banking between Nov. 23, 2023, and Sep. 30, 2024, transferring stolen funds to 35 different accounts, daily Hürriyet reported.

Exploiting security vulnerabilities during late-night hours, the perpetrators systematically drained funds from these accounts without triggering immediate suspicion.

Following this procedure, cyber criminals rapidly withdrew the money in cash from bank branches and ATMs, funneling it into cryptocurrency exchanges. Investigations also revealed that 14 individuals within the network also received direct transfers from the stolen funds, suggesting a well-coordinated laundering scheme.

Authorities launched an extensive investigation into the incident, analyzing financial transactions, security footage and mobile signal data to track the suspects.

Their efforts culminated in a large-scale, Istanbul-based operation spanning 17 provinces, resulting in the arrest of 27 individuals.

Authorities discovered that another 10 suspects were already serving sentences in prison.

During the raids, law enforcement seized digital devices and financial records linked to the crimes.

Following police interrogations, the suspects were transferred to court, where 24 of them were formally charged and taken into custody.

The case highlights concerns over cyber criminals targeting banking systems, especially during late-night hours when fraudulent activities are less likely to be detected in real time.