As cybercrimes go, stealing over $40 million in 10 minutes is scarily impressive. An international gang managed to do just that after hacking into a bank and accessing a database of prepaid credit card numbers.
The multistage crime culminated when accomplices in many different countries wrote the relevant magnetic strip data onto fake cards and inserted them into ATMs, then withdrew the cash that was pre-stored on the cards. Seven people have been arrested in New York.
Magnetic strip credit cards are more vulnerable to this kind of low-tech heist than their more modern chip-and-PIN cousins. But even chipped cards carry a strip for backup purposes or for use in machines that don’t have chip-reading technology. This is partly why groups like Google and ISIS are plotting the end of the magnetic strip card in the U.S., suggesting more secure alternatives, like NFC, should be used.
[Image: Flickr user BeauGiles]