Hackers on prowl: $ 1 billion stolen from over 100 banks

Bankers’ money is stolen and ATMs rigged to give currency notes, says a report by internet security firm

GN Bureau | February 16, 2015


#banks   #accounts   #atm   #kaspersky   #cyber crime   #hackers   #fraud   #financial   #spyware   #malware  

Internet security firm Kaspersky Lab has revealed that hackers have stolen approximately $1 billion from over 100 banks in 25 countries and termed it as one of the largest bank heists.  It also said the "attacks remain active," and provided tips for bank officials to determine if their computers are vulnerable.

Most of the targets have been in Russia, the US, Germany, China and Ukraine, although the attackers may be expanding throughout Asia, the Middle East, Africa and Europe, Kaspersky says. In one case, a bank lost $7.3 million through ATM fraud.

The hackers surreptitiously install spying software on bank computers and learn how to mimic bank workflow. Kaspersky called the malware "Carbanak" and said it provided the hackers the ability to watch bank employees.

 After penetrating a bank's computer systems, the hackers lurked for "two to four months" before striking. Generally, they indulged in changing an account balance, then transferring the excess funds into their own accounts. They also spewed cash out of ATMs with one of the gang member waiting near the machine to collect the booty.

Strangely, the attackers targeted the banks and not their customers or their account information. The hackers seem to limit their theft to about $10 million before moving on to another bank.

The Kaspersky report was presented on Monday at a security conference in Cancun, Mexico.

Last year, 16 financial institutions in the US were asked by the legislators to admit that they have been hacked, explain how it happened and be transparent about what they had lost.

The Obama administration has sought a national law to replace existing state laws and making financial institutions to notify consumers in case their personal information has been compromised.

Comments

 

Other News

Food inflation: Not a macroeconomic statistic but a developmental indicator

India`s retail inflation shows a reassuring picture at first glance. According to the latest data, Consumer Price Index (CPI) inflation edged up to 4.38% in June 2026 from 3.93% in May 2026, but continued to remain within the Reserve Bank of India`s (RBI) target band of 4% (+/- 2%). However, beneath this

Skin in the game or masterful market timing?

When a company founder opens their personal chequebook to buy shares in their own business, stock markets usually applaud. To the average retail investor, it feels like the ultimate vote of confidence, a sign that the people running the show have real skin in the game and believe brighter days are ahead.

India’s freedom struggle was shaped by wider Asian political thought

As we mark 80th anniversary of independence, ‘Asianism and the Fall of Empire’ (HarperCollins India) by historian Mithi Mukherjee offers a new perspective on Ind

What is colonialism? A relook at modern history

The Chromatic World Order: The Fiction That Rules Our World  By Sajid Mohamed Aakar Books  

Monsoon session of parliament adjourns sine die

The Monsoon Session, 2026 of Parliament which commenced on July 20 was adjourned sine die on Thursday. The session provided 19 sittings spread over a period of 25 days.   During the session 11 Bills were introduced in Lok Sabha and 2 Bills were introduced in Rajya Sabha. 12 B

Consumer Justice at a Crossroads

Over the past four decades, India`s consumer protection landscape has undergone a remarkable transformation. What began with the Consumer Protection Act, 1986 as a simple mechanism to empower ordinary citizens has evolved into a comprehensive framework capable of addressing challenges ranging from mislea

Upcoming Conferences



-->

Archives

Current Issue

Opinion

Facebook Twitter Google Plus Linkedin Subscribe Newsletter

Twitter