Instead of wearing ski masks and waving machine guns, modern-day bank robbers stole data from the banks, relayed "that information to a far-flung network of so-called cashing crews" who where then able to steal "$45 million from thousands of A.T.M.'s in a matter of hours." This may just be the beginning of times to come.
In the first operation, hackers infiltrated the system of an unnamed Indian credit-card processing company that handles Visa and MasterCard prepaid debit cards. Such companies are attractive to cybercriminals because they are considered less secure than financial institutions, computer security experts say.
The hackers, who are not named in the indictment, then raised the withdrawal limits on prepaid MasterCard debit accounts issued by the National Bank of Ras Al-Khaimah, also known as RakBank, which is in United Arab Emirates.
Once the withdrawal limits have been eliminated, even a few compromised bank account numbers can result in tremendous financial loss to the victim financial institution, the indictment states. And by using prepaid cards, the thieves were able to take money without draining the bank accounts of individuals, which might have set off alarms more quickly.
With five account numbers in hand, the hackers distributed the information to individuals in 20 countries who then encoded the information on magnetic-stripe cards. On Dec. 21, the cashing crews made 4,500 A.T.M. transactions worldwide, stealing $5 million, according to the indictment.
|How Big Money Has Hijacked US Politics|
|The American Dream is Dead|
|"Chinese factory jobs may thus be poised to evaporate at an even faster pace than has been the case in the United States."|
|"Wealth doesn't trickle down, it just floods offshore." $21 Trillions Lost to Global Tax Havens|
|The Federal Reserve Bank is as Federal as Federal Express|
|Everything We've Learnt About the Surveillance State|
|How to Avoid Jury Duty|
|Go the Fuck to Sleep: A Children's Bedtime Book|
|“Put words between buns.”|
|“He portrays these abandoned malls as apocalyptic ruins.”|
|“The cost could be so near to zero it will effectively be free.”|
|“Rejuvenation is Finally an Industry.”|
|Japanese Robot Serves Ice Cream From Inside a Vending Machine|
|Cure for Gayness? There's an App for That|
|Sensually Retro Illustrations by Simone Massoni|
|Good Fucking Design Advice|
|The BROpener: Any Surface Becomes a Bottle Opener|