Dedicated to Deposits: Deals, Data, and Discussion
Featured Savings Rates
Featured Accounts

Cyberthieves Looted A.T.M.’S Of $45 Million In Just Hours

Thursday, May 9, 2013 - 4:42 PM
From The New York Times:
It was a huge bank heist – but a 21st-century version in which the robbers never wore ski masks, threatened a teller or set foot in a vault.

Yet, in two precision operations that involved people in more than two dozen countries acting in close coordination and with surgical precision, the organization was able to steal $45 million from thousands of A.T.M.'s in a matter of hours.

In New York City alone, the thieves responsible for A.T.M. withdrawals struck 2,904 machines over 10 hours on Feb. 19, withdrawing $2.4 million.

... In the first robbery, hackers were able to infiltrate the system of an unnamed Indian credit-card processing company that handles Visa and MasterCard prepaid debit cards.

The hackers – who are not named in the indictment – proceeded to raise the withdrawal limits on prepaid MasterCard debit accounts issued by the National Bank of Ras Al-Khaimah, also known as RAKBANK, which is in United Arab Emirates.

Read more
pearlbrownpearlbrown1,485 posts since
Nov 2, 2010
Rep Points: 6,454
1. Friday, May 10, 2013 - 9:21 AM
Here is an update to the story.  Accoording to the FBI, no individual or business accounts were affected, and only bank funds were impacted. 
pearlbrownpearlbrown1,485 posts since
Nov 2, 2010
Rep Points: 6,454
2. Friday, May 10, 2013 - 9:58 PM
Wow.  One wonders how long banks can continue to remain a step ahead of all of these advanced cyber-criminals.  As the security consultant said at the end of the article, this type of heist has to inspire some other smart folks with a little desire and time on their hands and lack of moral bearings.  One also wonders how many similar heists have been kept private so as not to "inspire" other cyber-criminals.  Seems like security costs are just going to continue to escalate for the banking industry without its receiving any revenue gains in return on that expense.  And i wonder whose pocketbook that will come out of?  Hopefully the cost savings of handling more of their business online will offset these higher data/security costs.   
psjfpsjf3 posts since
Aug 4, 2011
Rep Points: 59