In February 2013, one of the biggest bank heists in history occurred. However, these hackers didn't resort to the usual "hold up." Instead, they infiltrated the banks through the “back-way.”
According to Business Insider, “cybercriminals stole $40 million in about 36,000 transactions over a 10-hour period by effectively coordinating two common credit card schemes." The eight individuals were charged for “using data obtained by hacking into two credit card processors in a cybercrime scheme.”
How Were the Cyber Criminals Able to Carry Out One of the Biggest Bank Heists in History?
According to Business Insider, the following method was employed by the hackers to steal $40 million in 10-hours.
- The hackers “gained access to bank computers and downloaded prepaid debit card data.” The allegedly “increased the balances in the prepaid debit card accounts and eliminated withdrawal limits.”
- They passed the stolen data to several "cashers." These cashers “cloned the cards” and started “withdrawing millions of dollars from ATMs.”
Problems with Cyber Security According to Experts:
- Lack of employee oversight
- Stringent electronic monitoring
- Vulnerability of the magnetic strip
Experts believe that these problems made the bank heist possible.
What are your thoughts?
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