Cybercriminals could typically steal the payment cards and create the fraudulent copies of legitimate cards and imprint them into reusable magnetic strip cards. “At a pre-determined time, the co-conspirators withdraw account funds from ATMs using these cards,” FBI warned.
“The FBI said unlimited operations compromise a financial institution or payment card processor with malware to access bank customer card information and exploit network access, enabling large-scale theft of funds from ATMs.”
Attackers also can alter the account balances and bypass security measures to make an unlimited amount of money available to make the transfers.
The cybercriminals mostly prefer ATM cashouts and it would most like to happen in the small to medium size sectors where less protection applied. They use to attack the servers that control’s ATM instruct ATMs to dispense cash at a particular time and organized group members sitting beside the ATM machine to collect cash.
FBI urges the banks to review the security measures such as such as strong password, two-factor authentication requirements, monitoring encrypted traffic and to audit critical accounts.
The FBI did not provide any other details about the warning statement, “they routinely advise private industry of various cyber threat indicators observed during the course of our investigations.”
Between August 11 and August 13 hackers compromised Cosmos Bank server and allegedly transferred over Rs 94 by propagating a malware to one of the ATM Switch servers and bypasses the online security measures.
Unlike Physical ATM Hack Attacks, Network-Based Malware Attacks helps cybercriminals to get access to the ATM network and bu compromising the ATM attackers could remotely instruct machine’s to dispense the cash.
Kerbs explained that ATM cashout operations are launched on weekends, often just after financial institutions begin closing for business on Saturday.