Cyber Bank Theft Steals $45 Million From 27 Countries Using ATMs

A cyber bank theft scheme has managed to steal $45 million using ATMs from 27 countries.

As previously reported by The Inquisitr, cyber bank thefts are on the rise. PNC Bank experienced a possible denial of service attack by al Qaeda when many customers discovered that they couldn’t access their accounts online.

The new cyber bank theft stole “$45 million from two Middle Eastern banks by hacking into credit card processing firms and withdrawing money from ATMs in 27 countries.” A global crime ring is said to be responsible for the cyber bank theft.

Loretta Lynch, U.S. Attorney for the Eastern District of New York, explains how the cyber bank theft went down:

“In the place of guns and masks, this cyber crime organization used laptops and the Internet. Moving as swiftly as data over the Internet, the organization worked its way from the computer systems of international corporations to the streets of New York City.”

The cyber bank theft was apparently comprised of six phases which took months to execute. First, bank security was breached using malware. Once access was given, the prepaid debit card systems had their limits removed. Fake access codes are created and loaded onto plastic cards with magnetic strips. Members of the crime ring take these cards to ATMs and make many withdraws, with $400,000 being withdrawn in New York alone. Meanwhile, others in the crime ring monitor bank security to see when they’ve been noticed. Finally, the cash is laundered and the cyber bank theft is over.

But you know how they say crime doesn’t pay? Apparently, neither does cyber bank theft. Seven members of the crime ring in New York have been arrested already. The leader of the cell was allegedly murdered in the Dominican Republic on April 27. But it’s possible that worldwide many members may get away with their ill-gotten gain.

Do you feel safe about your money after hearing about this cyber bank theft?