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Photo- USAToday.com
A massive 21st-century bank heist done by some criminals and they take away $US45 Million by a breach into the database of prepaid debit cards and then drain cash machines around the Globe.
After this activity an outmoded American card technology may be partly to blame.
Seven people were under arrest on Thursday in the US in connection with the case, which prosecutors said involved thousands of thefts from ATMs using bogus magnetic swipe cards carrying information from Middle Eastern banks
The fraudsters moved with astounding speed to loot financial institutions around the world, working in cells including one in New York, Brooklyn US Attorney Loretta Lynch said.
She called it “a massive 21st-century bank heist”.
How Hackers Managed this Heist?

 

  • Hackers managed to breach into the Bank database and then eliminate the withdrawal limits on the prepaid debit cards, after that they create access codes.
  • In the 2nd step they loaded that data onto any plastic card with a magnetic stripe – an old hotel key card or an expired credit card worked fine as long as it carried the account data and correct access codes.
  • A network of operatives then fanned out to rapidly withdraw money in multiple cities.
Read more about this at theage.com

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