S BANK failed to address a critical vulnerability identified by a 16-year-old boy, allowing him to access another client’s account, as reported by Helsingin Sanomat. The teenager, upon notifying the bank, was ignored, leading him to exploit the flaw for financial gain in May 2022.
Following the breach, the boy and an accomplice embarked on a spree, laundering money through online casinos and overseas transactions, resulting in approximately 1.3 million euros in losses for S Bank clients. Despite cancelling some fraudulent transfers, the bank compensated for most losses.
Police investigations uncovered 231 complaints, with 71 victims linked to S Bank. The main suspects were arrested in August-September 2022 for aggravated fraud and money laundering, with 12 others implicated for aiding in illegal fund transfers.
S Bank only rectified the security flaw in August 2022 after another client’s report. Despite the lack of action initially, the police did not pursue charges against the bank.
Stay tuned for updates on this evolving financial scandal.
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