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

The dirt in the diamond trade

The dazzling diamond trade has been hit hard by the Nirav Modi episode, which saw the billionaire jeweller flee India just before a massive fraud amounting to Rs 11,000 crore was detected at a Punjab National Bank branch in Mumbai. But, Nirav Modi is not the only diamond tycoon who has been

PM lays foundation stone for Navi Mumbai International Airport

PM Narendra Modi on Sunday laid the foundation stone for Rs 16,700 crore Navi Mumbai International Airport. The first phase of the construction is expected to be completed by December 2019. The project is going to be implemented 21 years after it was first proposed. The airport is likely to handle 10 milli

Health groups irked by the SC order on vaccine PSUs

Health groups have expressed their disappointment with a February 12 order of the supreme court, refusing to review or recall an earlier order disposing off a case against the mala fide suspension of the vaccine public sector units (PSUs) and government’s tendency to pamper private sector with public

Cut government stake below 50% in banks: Assocham

The Punjab National Bank`s fraudulent transactions worth Rs 11,300 crore should act as a strong trigger for the government for reducing its stake to less than 50 percent in the banks which should then be allowed to work on the lines of private sector lenders with a full sense of accountability to their sha

Tightrope walking meets poll dance

Budget 2018, forecast to be a “please all” budget, has come out as a “disappoint all” budget. The public is looking askance at a budget that gives with one hand but takes away with both, the Sensex has gone into a tailspin and the pink papers are issuing dire warnings.

Should public sector banks be privatised?

Should public sector banks be privatised?

Current Issue

Current Issue

Video

CM Nitish’s convoy attacked in Buxar

Opinion

Facebook    Twitter    Google Plus    Linkedin    Subscribe Newsletter

Twitter