FBI warns of impending 'unlimited' ATM cashout hack

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The Federal Bureau of Investigation (FBI) warned banks of a serious hacking threat that could result in millions of dollars being taking out from ATMs.

As reported by Krebs on Cybersecurity, cybercriminals are preparing to carry out a highly choreographed, global fraud scheme known as an “ATM cash-out.”

Krebs reports that the FBI sent an alert to banks last Friday, warning of the possible attack. 

Through this, crooks can hack a bank or payment card processor and used cloned cards at ATMs around the world to withdraw millions of dollars in mere hours.

The FBI said this scheme could transpire in a few days. Prior to executing the ATM cash outs, the hackers will remove fraud controls such as maximum withdrawal amounts and limits on daily transactions, enabling them to access a large amount of money without triggering any of these safety measures.

Krebs also reports that the FBI said the attacks are more likely to happen at smaller institutions.

“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,” the alert continues. “The FBI expects the ubiquity of this activity to continue or possibly increase in the near future.”