“FFIEC Warns of Increasingly Sophisticated, Costly Scams.
Banking regulators' latest alert about emerging ATM cash-out risks comes just as two leading defendants in an international cash-out scheme pleaded guilty for roles they played in defrauding consumers and leading institutions of more than $15 million (see 2 Guilty Pleas in Huge Cash-out Scheme).
In that case, the two suspects helped to manage the U.S.-based operations for a global cash-out scheme that involved hijacking funds from online bank accounts and prepaid cards, which were opened with stolen identities. The scheme was linked to an international cybercrime ring that hacked customer accounts at more than a dozen banks, brokerage firms, payroll processing companies and government agencies.
Two days after the guilty pleas were entered, the Federal Financial Institutions Examination Council issued a statement warning banking institutions of the risks associated with cyber-attacks on ATM and card authorization systems.”
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Banking regulators' latest alert about emerging ATM cash-out risks comes just as two leading defendants in an international cash-out scheme pleaded guilty for roles they played in defrauding consumers and leading institutions of more than $15 million (see 2 Guilty Pleas in Huge Cash-out Scheme).
In that case, the two suspects helped to manage the U.S.-based operations for a global cash-out scheme that involved hijacking funds from online bank accounts and prepaid cards, which were opened with stolen identities. The scheme was linked to an international cybercrime ring that hacked customer accounts at more than a dozen banks, brokerage firms, payroll processing companies and government agencies.
Two days after the guilty pleas were entered, the Federal Financial Institutions Examination Council issued a statement warning banking institutions of the risks associated with cyber-attacks on ATM and card authorization systems.”
read more>>