FBI warns of cybercriminals targeting ATMs in global heist

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published 14 August 2018

You might want to keep a close eye on your bank accounts, because something wicked this way comes.

The FBI recently warned banks that cybercriminals are preparing to perform a global ATM heist. Within the "coming days," criminals plan to infiltrate banks or payment card processors and withdraw millions of dollars from ATMs using fake cards, per an FBI notice reported by cybersecurity blogger Brian Krebs. The advisory came from a "confidential alert the FBI shared with banks privately on Friday," Krebs added.

Referred to as an "unlimited operation," the choreographed scheme will seek to access customers' bank card information with the help of malware. Once the hackers have gained access to accounts, they'll be able to manipulate a number of features, such as withdrawal amounts, limits on ATM transactions, and account balances. Per The Verge, the card data will then be sent to accomplices who can reprint it "onto reusable magnetic strip cards" to be used at individual ATMs, where they can quickly withdraw the maximum amount of money available from the compromised accounts.

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The FBI alert sent to banks Friday explained that "historic compromises have included small-to-medium size financial institutions, likely due to less robust implementation of cyber security controls, budgets, or third-party vendor vulnerabilities," per Krebs' report. The breaches also tend to occur on holidays when banks are closed, or on Saturday evenings when banks are beginning to close.

Customers can expect similar attacks to happen more frequently in the future, the FBI warned. Read more at Krebs on Security.

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Amari Pollard is the social media editor at The Week and has written for Reader's Digest, Parents, and Inside Lacrosse. She studied journalism at Le Moyne College and can usually be found exploring Brooklyn, thrift shopping, or spending way too much money on brunch.