Banks on fraud alert after the FBI warn that thieves could steal cash using cloned ATM cards
The FBI has warned banks that cybercriminals are preparing to carry out a “highly choreographed, global fraud scheme known as an ‘ATM cash-out’.”
The threat, reported by Krebs On Security cybersecurity blog, will apparently see criminals hacking a bank or payment card processor, and using cloned cards at ATMs around the world to fraudulently withdraw “millions of dollars in just a few hours.”
And this type of risk is very real indeed.
Last month for example hackers compromised the National Bank of Blacksburg in Virginia twice and made off with millions of dollars.
“The FBI has obtained unspecified reporting indicating cyber criminals are planning to conduct a global Automated Teller Machine (ATM) cash-out scheme in the coming days, likely associated with an unknown card issuer breach and commonly referred to as an ‘unlimited operation’,” reads a confidential alert the FBI shared with banks privately last Friday, the Krebs On Security blog stated.