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South Africans may be facing a significant threat to their financial security as a hacker group, known as N4ughtySec, claims to have infiltrated several of the nation’s banking institutions by exploiting vulnerabilities within three major credit bureaus: TransUnion, Experian, and XDS. The group, which previously held TransUnion ransom for a $15 million payment in 2022, has announced their return with an even graver assurance of their deep integration within the financial systems of South Africa.
The spokesperson of N4ughtySec emphasized their effort, saying that failure to pay the demanded ransom in the past has led to their continued presence and deeper intrusion. It was revealed that TransUnion’s decision to not remit the requested amount back in 2022 was in line with advice from cybersecurity experts, as well as to prevent further incentives for criminal activities. Nevertheless, the repercussions are now being felt with the group's current claims of having uncompromised access to the systems they violated.
N4ughtySec, which previously adopted the name N4ughtySecTU and re-emerged as N4aughtySecGroup, has now disclosed having over 80 access points into the credit bureaus' backend that extend to the servicers of the credit unions, including the South African government. In a bid to authenticate their assertions, the group provided MyBroadband with sensitive financial data of two journalists derived from mere first names and surnames, raising alarms about the possible extent of the exposed data.
However, in contacting TransUnion, Experian, and XDS for comments, all agencies seem to stand their ground, asserting the security of their data and denying any knowledge of a breach. TransUnion and XDS, in particular, stressed their vigilance and ongoing investigations but stated no evidence of inappropriate access or breach has been discovered so far.
This claim, if verified, could have severe repercussions for the privacy and financial stability of South African citizens. The ability of hackers to obtain detailed personal and financial data through exploiting credit bureau systems represents a profound and concerning vulnerability. As the situation unfolds, it will be critical for all involved institutions to address these serious allegations and secure the data of millions of individuals who are potentially at risk.