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

El Niño threatens India’s Rabi crops

India’s southwest monsoon ended with a 13% rainfall deficit in 2026, its weakest performance in a decade, raising concerns over agricultural production, water security and the upcoming rabi season. With El Niño expected to persist into early 2027, experts warn that declining soil moisture, dep

Regulating the data advantage: India’s new e-Commerce framework

For over a decade, India’s e-commerce story has rested on a simple premise: platforms connect buyers and sellers, while data fuels efficiency, personalisation, and scale. However, as the market matured, its structure has revealed a growing imbalance. E-commerce platforms, especially marketplace ent

Changing weather patterns, climate change responsible for Nepal floods

The interaction between active Western Disturbances, increased atmospheric moisture and the region’s complex topography aswell as global warming are important factors behind intense rainfall in the Himalayas, leading to flash floods in Nepal, according to meteorologists. Nepal

A right she cannot reach

Last summer, the two of us spent several weeks in rural Madhya Pradesh with a non-profit that works on gender justice through women’s self-help groups. We went in with a notebook full of laws. The Protection of Women from Domestic Violence Act. The Dowry Prohibition Act. Free legal aid for every wo

Tier-2 cities lead India’s digital credit push

Digital payments have become a reflex for urban India, but the confidence earned in paying has not yet carried over to borrowing. That is the central finding of `How Urban India Pays Report 2026`, released by Pahlé India Foundation in collaboration with Amazon Pay. Based on a survey of 5,149 consu

India calls for doubling bilateral trade with UK by 2030

Commerce and industry minister Piyush Goyal has called upon businesses in India and the United Kingdom to translate the opportunities created by the India-UK Comprehensive Economic and Trade Agreement (CETA) into expanded trade, investment, partnerships and job creation. Addressing the Bu

Upcoming Conferences



-->

Archives

Current Issue

Opinion

Facebook Twitter Google Plus Linkedin Subscribe Newsletter

Twitter