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FDIC Issues Statement Re Unlimited Operations Attacks

Wednesday, April 2, 2014 - 8:20 PM
The FDIC, as a member of the Federal Financial Institutions Examination Council (FFIEC), has issued a statement describing risks related to recent cyber-attacks on automated teller machines (ATMs) and card authorization systems that have resulted in large dollar frauds. These attacks are known as Unlimited Operations.

The FDIC expects financial institutions to take steps to address this threat by reviewing the adequacy of their controls over their information technology (IT) networks, card issuer authorization systems, systems that manage ATM parameters, and fraud detection and response processes.

The Financial Institution Letter (FIL) applies to all FDIC-supervised institutions.

Read the statement from the FDIC here.  It has interesting details on how this type of fraud happens. 
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