ATM, ATM hacking, ATM hacking report, ATM hacks, ATM malware, Cyber Security, Daily news, Fraud & Security, Skimer -

In January 2018, the US Secret Service, as well as major ATM vendors Diebold Nixdorf and NCR, issued urgent warnings about the threat of ATM hacking and attacks. These warnings were notable because of... more

The post ATM hacking report: Scenarios from 2018 ATM hacks appeared first on Payments Cards & Mobile.

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Alternative Payments (APMs), API, ATM, connected financial services, Daily News, Diebold Nixdorf, E-Commerce, E-Money, financial services, FinTech, Fraud & Security, GDPR, Instant Payments, Issuing & Acquiring, Open Banking, POS Terminals, Processing & Systems, PSD2, Regulation -

An unprecedented combination of drivers for change are at work in today’s financial services industry. Some of these factors, particularly digitisation, are influencing the majority of industries – driving increasing... more

The post The key to survival in the connected financial services world appeared first on Payments Cards & Mobile.

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ATM, Card Fraud, Daily news, European Association for Secure Transactions, European Payment Terminal Crime Report, Fraud & Security, Issuing & Acquiring, POS Terminals -

The European Association for Secure Transactions (EAST) has just published a European Payment Terminal Crime Report covering the first six months of 2018 which reports that losses due to card fraud... more

The post European Payment Terminal Crime Report – Card fraud losses fall appeared first on Payments Cards & Mobile.

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ATM, Daily News, Issuing & Acquiring, mPOS, Payments.iQ, POS Terminals, Processing & Systems, SWPay, SWPay terminals -

Silk Way Bank launched a new successful project in Azerbaijan, based on Payments.iQ, within the framework of the program to improve customer service and popularise cashless payments. SWPay is a... more

The post Silk Way Bank launch Payments.iQ for payment terminals in azerbaijan appeared first on Payments Cards & Mobile.

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ATM, ATM Cashout, Cyber Security, cyberheist, Daily News, Fraud & Security, Issuing & Acquiring -

The FBI has been warning banks about an imminent ATM cashout scheme about to unfold across the globe, thanks to a data breach at an unknown financial institution.

ATM Skimmer

Banking and Payments industries warned over ATM Cashout cyberheist

On Aug. 14, a bank in India disclosed hackers had broken into its servers, stealing nearly $2 million in fraudulent bank transfers and $11.5 million unauthorised ATM withdrawals from cash machines in more than two dozen countries.

The FBI put out its alert on Friday, Aug. 10. The criminals who hacked into India-based Cosmos Bank executed their two-pronged heist the following day, sending co-conspirators to fan out and withdraw a total of about $11.5 million from ATMs in 28 countries according to Krebs Online.

The FBI warned it had intelligence indicating that criminals had breached an unknown payment provider’s network with malware to access bank customer card information and exploit network access, enabling large scale theft of funds from ATMs.

Organized cybercrime gangs that coordinate these so-called “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 withdrawal amounts and any limits on the number of customer ATM transactions daily.

The perpetrators 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.

According to Indian news outlet, there was a second attack carried out on August 13, when the Cosmos Bank hackers transferred nearly $2 million to the account of ALM Trading Limited at Hang Seng Bank in Hong Kong.

“The bank came to know about the malware attack on its debit card payment system on August 11, when it was observed that unusually repeated transactions were taking place through ATM VISA and Rupay Card for nearly two hours,” wrote TN Raghunatha for the Daily Pioneer.

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