London police have arrested a suspect on charges that he participated in a series of ATM malware attacks that netted Â£1.6 million ($2.6 million) from 51 cash machines over a three-day holiday weekend in May.
Researchers demonstrate how ATMs could be hacked - without installing malware - by connecting a tiny computer to an inside port, bypassing the ATM's own computer and instructing the cash dispenser to begin issuing money.
Criminals have infected at least 50 ATMs in Eastern Europe, including Russia, with malware, dispensing millions of dollars in cash directly to money mules. Interpol warns such attacks could spread worldwide.
Criminals have begun targeting ATMs in Western Europe using malware, as well as a new generation of stealthier skimmers designed to capture card data and PIN codes. But the stolen data is often used for fraud elsewhere, especially the U.S.
Bulgarian and French law enforcement authorities made 11 arrests in an effort to take down a Bulgarian organized crime network suspected of conducting an electronic payment fraud and currency counterfeiting operation.
Seventeen individuals are facing charges for their alleged roles in an international ATM skimming and money laundering scheme. The indictments of multiple individuals for a low fraud amount is encouraging, experts say.
A review of the RSA 2014 agenda shows several seminars, panels and speakers of particular interest to healthcare-focused attendees, including those focused on mobile device security and medical device hacks.
A recent ATM fraud scheme that targeted banks in three states illustrates just how sophisticated ATM attacks have become, experts say. Learn how fraudsters are increasingly keeping their skimming schemes concealed.
ATM-related fraud is increasing in the United States, and experts say losses will continue to grow until the market achieves widespread adoption of cards using EMV chip technology and phases out magnetic-stripe cards.
Another organized cyber-attack and subsequent cash-out scheme illustrates increasing risks to the U.S. payments chain. One fraud expert says this trend "is of grave concern" for banking institutions and their accountholders.