Any bank that’s not keeping close tabs on its tech security will want to pay close attention to the consequences. Take the case of  the South African Postbank, which had a cool $5.2 million easily lifted from its coffers recently by cybercriminals.

No masks, handguns or stick up required for this heist. The robbers merely opened accounts at the bank, signed up for online banking and then used the credentials of a couple of bank employees to transfers millions to the new accounts.

Then, they just went to ATMs across the country (over a holiday weekend when few security eyes were focused) and withdrew the cash.

Criticism is being directed at the bank’s poor IT and its lack of security protections.

Tags: heist, online, Postbank, robbed, South Africa