On August 10, when the FBI warned that a global ATM cash-out scheme was about to occur, many banks, IADs and payment processors went on high alert. While this did not stop criminals in 28 countries from making off with more than $13.5 million from an Indian bank, it did bring up the importance of early warning fraud systems and layered defense mechanisms.
A day before the ATM cash-out attack occurred, the FBI released a confidential alert to banks that warned of large scale, “unlimited operation” schemes to come.
The alert further stated that these types of schemes occur when cybercriminals attack a financial institution or payment processor by installing malware on the host switch and exploiting network access in order to acquire customer debit or card account information.
Read ATM Marketplace‘s latest blog to learn how financial institutions and payment processors can prevent these kinds of attacks while enhancing end-to-end visibility into their payments systems environments.