Banks on alert from FBI about potential ‘unlimited’ ATM heist worth millions

America’s Federal Bureau of Investigation (FBI) has warned banks in Nigeria and others across the globe that criminals are gearing up to execute a global bank heist in the coming days.

In a recent confidential alert FBI told international banks that criminals are plotting a concerted global malware attack on cash machines in the next few days.

The FBI issued a warning about a highly choreographed fraud scheme known as an ATM “jackpotting”, or ATM cash-out,” in which crooks hack a bank or payment card processor and use cloned cards at cash machines around the world to take out millions in just a few minutes.

The alert said the agency had procured information indicating an attack was imminent and that it was likely an “unlimited operation,” which uses malware to exploit network access and get customers’ card information at a large scale.

Once the criminals get the card data, they create fraudulent copies using reusable magnetic strip cards (like gift cards) and hit the ATMs.

“Historic compromises have included small-to-medium size financial institutions, likely due to less robust implementation of cyber security controls, budgets, or third-party vendor vulnerabilities,” reads the confidential alert, which was sent to banks last Friday.

“The FBI expects the ubiquity of this activity to continue or possibly increase in the near future.”

The alert urges banks to review their security systems and use two-factor authentication with a physical or digital token.

Other tips include monitoring and limiting administrator and business accounts with the authority to modify typical fraud controls like maximum withdrawal amounts and number of daily ATM transactions.

_USAtoday

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