Russian hackers quietly drain $10M from ATMs

Russian security firm Group-IB has said that a series of long-unnoticed attacks on interbank transfer systems and ATMs has resulted in losses of nearly $10 million from U.S. and Russian banks over the past 18 months.

According to a report by Reuters, the perpetrators are "a previously undetected group of Russian-language hackers" that the security group has dubbed "MoneyTaker" after the name of the malware the hackers use. The group frequently changes up tools and methods to avoid detection, but appears to be eyeing Latin America as its next target, the report said. Reuters did not say what indications pointed to that particular market.

The hackers intercept money orders, which a network of mules then converts to cash at ATMs. So far, Group-IB has identified 18 banks — 15 in the U.S., two in Russia and one in Great Britain — targeted by the attacks.

Thefts have averaged $500,000 per incident for U.S. banks and $1.2 million for Russian banks. Europol and Interpol have been notified, the report said.

Topics: Bank / Credit Union, Security, Skimming / Fraud

Sponsored Links:

Related Content

Latest Content

Get the latest news & insights





Banking, fintech innovators recognized with Bank Customer Experience awards