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Threat of ATM cash-outs alarms banks, security experts

Banks and security experts are increasingly concerned about the ability of cybercriminals to compromise information and cash-out ATMs.

Published Wed, Apr 9 2014 3:13 PM CDT   |   Updated Sat, Aug 8 2020 10:29 AM CDT

Local law enforcement and federal authorities are trying to find methods to clamp down on organized criminals stealing personal information and later using ATMs to cash-out with stolen information.

Threat of ATM cash-outs alarms banks, security experts | TweakTown.com

Cybercriminals often use malware or phishing techniques to first compromise users, and migrate to opening new lines of credit - or stealing bank information which leads to fraudulent ATM transactions.

The Federal Financial Institutions Examination Council (FFIEC) recently said that banks must work harder to mitigate cyberattacks - and there are continually new stories about cybercriminals either compromising ATMs, or stealing identities and cashing out later.

"The evolution that's going on is an increase in attack sophistication and intensity, where fraudsters are analyzing the whole payments ecosystem, finding the weak points, and exploiting those," said Tom Wills, financial fraud expert at Ontract Advisory, in a statement to InfoRisk Today. "The FFIEC press release talks about cyberattacks against the ATM. That's one big one; and the other is cyberattacks against the payment platform itself, which can also result in 'unlimited operations.'"

NEWS SOURCE:inforisktoday.com

An experienced tech journalist and marketing specialist, Michael joins TweakTown looking to cover everything from consumer electronics to enterprise cloud technology. A former Staff Writer at DailyTech, Michael is now the West Coast News Editor and will contribute news stories on a daily basis. In addition to contributing here, Michael also runs his own tech blog, AlamedaTech.com, while he looks to remain busy in the tech world.

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