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August 13, 2018 11:50 pm

FBI Warns of 'Unlimited' ATM Cashout Scheme

The FBI is warning banks about a global fraud scheme known as an "ATM cash-out," in which criminals 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. "The FBI has obtained unspecified reporting indicating cyber criminals are planning to conduct a global Automated Teller Machine (ATM) cash-out scheme in the coming days, likely associated with an unknown card issuer breach and commonly referred to as an 'unlimited operation,'" reads a confidential alert the FBI shared with banks privately on Friday. Krebs on Security reports: 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. "Historic compromises have included small-to-medium size financial institutions, likely due to less robust implementation of cyber security controls, budgets, or third-party vendor vulnerabilities," the alert continues. "The FBI expects the ubiquity of this activity to continue or possibly increase in the near future." 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. The perpetrators also alter account balances and security measures to make an unlimited amount of money available at the time of the transactions, allowing for large amounts of cash to be quickly removed from the ATM.

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