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J2SECOPS WEEKLY NEWS: This week in the J2 CSC, FBI warn banks in escalating Worldwide Fraud and ATM attacks.

The FBI is warning of a potential ATM bank heist that could steal millions of dollars globally, and authorities now have good reason to believe the attack could be carried out within the coming days.

Automated teller machines are potentially under attack across the world. The FBI is now warning American financial institutions about the possibility of cyber criminals carrying out a sophisticated scheme using malware to access personal bank card information.

The fraud scheme is typically referred to as an ATM cash out.

ATM cash outs are more likely to happen at small to medium-sized institutions around the world because they tend to have less security measures in place. Fraudulent copies of debit and credit cards are created by sending the stolen data to the masterminds, who then transfer it to a reusable card with a magnetic stripe.

Once access is obtained into the target systems, the administrative accounts are compromised, and any limitations are removed, so whatever's in the bank at that time, they can cash that, and they do it at a pre-determined time, all over the world. This type of cyber-attack is likely to happen on a Bank Holiday or over the weekend, when most of the smaller banks around the world tend to be closed.

And with this in mind, enjoy our roundup of stories for this week…

FBI Warns of ‘Unlimited’ ATM Cashout Blitz

The Federal Bureau of Investigation (FBI) is warning banks that cybercriminals are preparing to carry out a highly choreographed, global fraud scheme known as an “ATM cash-out,” in which crooks hack a bank or payment card processor and use cloned cards at cash machines around the world to fraudulently withdraw millions of dollars in just a few hours.

Organized cybercrime gangs that coordinate unlimited attacks typically do so by hacking or phishing their way into a bank or payment card processor. Just prior to executing on ATM Cashouts, the intruders will remove many fraud controls at the financial institution, such as maximum ATM withdrawal amounts and any limits on the number of customer ATM transactions daily.

FBI Warns of ‘Unlimited’ ATM Cashout Blitz | KrebsonSecurity

ATM Hackers Steal £10M Across 28 Countries in Audacious Bank Heist

The Cosmos Bank robbery involved 14,800 ATM transactions across 28 countries.
Hackers with suspected ties to North Korea have syphoned more than 940 million rupees (£10.5 million) from ATMs around the world in a highly-coordinated attack.

The heist on Cosmos Bank took place across several days, beginning on 11 August, just a day after the FBI warned cyber criminals could be planning a highly-coordinated attack on cash machines.

Hackers carried out the attack by infecting the bank's debit card payment system with malware, which allowed them to self-approve transactions. Fake cards were then used to withdraw money through roughly 14,800 ATM transactions across 28 countries

ATM Hackers Steal £10M Across 28 Countries | Anthony Cuthbertson

Carbanak (FIN7) Group Charged for Stealing 15 Million Credit Cards

To compromise bank networks, FIN7 sent malicious spear-phishing emails to hundreds of employees at different banks, which infected computers with Carbanak malware if opened, allowing attackers to transfer money from the banks to fake accounts or ATMs monitored by them.
The three suspects are believed to be members of the organized Russian cybercrime group known as FIN7, the hacker group behind Carbanak and Cobalt malware and were arrested last year in Europe between January and June.

3 Carbanak (FIN7) Hackers Charged with Stealing 15 Million Credit Cards | Swati Khandelwal