Man caught selling software that helps criminals access bank accounts

A man has been sentenced to four and a half years in prison for selling software to help criminals gain access to bank accounts.

South London-based Timmy Ijie, who pled guilty, sold access to the service via an encrypted messaging system at a cost of $700 for a monthly subscription, payable in crypto.

According to UK Finance, which represents around 300 firms in the UK financial services sector, the software allowed online criminals to trick victims into revealing personal banking information which was then used to bypass bank security systems.

The service, which was sold by 25-year-old Ijie between April 2021 and February this year, was bought 1,000 times and generated £1 million in sales.

“Ijie boasted on social media how successful this software was, in enabling the commission of fraud,” said Alistair Dickson, CPS. “He bragged that, in one day alone, it had been used by criminals to defraud over 150 victims and posted positive reviews from criminals who had successfully used the software.”

Dickinson said that potentially thousands of victims had money stolen from them by criminals using the software.

    Share Story:

Recent Stories

New Business Frontiers
FStech’s Mark Evans discusses the future of financial services with Liu Jianning of Huawei, covering the limitations that current thinking can impose, how financial institutions can embrace technology to be both agile and resilient, and making space for the organisation to focus on the job of creating innovative business models and on delivering business value for their customers.

The Future of Intelligent Finance
FStech Group Editor Mark Evans sits down with Jason Cao, President of Global Financial Services Business Unit, Enterprise BG at Huawei ahead of its Intelligent Finance Summit which was held on 3rd and 4th of June in Shanghai. This Q&A delves into key trends in digital transformation of the financial services industry as well as a look at how data, robotic infrastructure, intelligent storage and innovative technologies are shaping the future for FSIs.

Cracking down on fraud
In this webinar a panel of expert speakers explored the ways in which high-volume PSPs and FinTechs are preventing fraud while providing a seamless customer experience.