News that a Florida-based bank has been left holding the baby in a $13 million ATM fraud highlights the increasingly complex world of cybercrime and the multi-faceted layers of security needed to defend against it.
According to Philip Lieberman, President and CEO of Lieberman Software, the privileged identity management and security management specialist, the case is an interesting one as it appears to involve the hacking of the affected financial institution's computer system that controlled the bank's pre-paid debit card security parameters.
"The cybercriminals appear to have tampered with the daily cash withdrawal limits on 22 pre-paid cards, effectively allowing the cards - and their clones - to drain all the cash from a machine, and then some. Conspirators in Greece, Russia, Spain, Sweden, Ukraine and the United Kingdom used the cloned cards to withdraw cash from dozens of ATMs," he said.
"You don't need to be a math genius to realize that each of the pre-paid cards - and their clones - were used to withdraw an average of around $590,000 per card. Assuming an average ATM transaction limit of $400, that's around 1,500 individual ATM sessions per card account," he added.
For all the details on this case click here: International cyberheist drains Florida bank of $13 million
Start better protecting your network and bank accounts by ensuring your employees are not providing easy access to them. Check out how phish-prone your staff is by testing them with a FREE phishing security test.
According to Philip Lieberman, President and CEO of Lieberman Software, the privileged identity management and security management specialist, the case is an interesting one as it appears to involve the hacking of the affected financial institution's computer system that controlled the bank's pre-paid debit card security parameters.
"The cybercriminals appear to have tampered with the daily cash withdrawal limits on 22 pre-paid cards, effectively allowing the cards - and their clones - to drain all the cash from a machine, and then some. Conspirators in Greece, Russia, Spain, Sweden, Ukraine and the United Kingdom used the cloned cards to withdraw cash from dozens of ATMs," he said.
"You don't need to be a math genius to realize that each of the pre-paid cards - and their clones - were used to withdraw an average of around $590,000 per card. Assuming an average ATM transaction limit of $400, that's around 1,500 individual ATM sessions per card account," he added.
For all the details on this case click here: International cyberheist drains Florida bank of $13 million
Start better protecting your network and bank accounts by ensuring your employees are not providing easy access to them. Check out how phish-prone your staff is by testing them with a FREE phishing security test.
