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Feds Take Down Cyber Crime Ring

Federal prosecutors charged eight individuals on Thursday with participating in a sophisticated campaign of cyber attacks on the global financial system that caused $45 million in losses.In one operation detailed by the indictment, the cyber heist paved the way for $2.4 million in fraudulent withdrawals in New York City alone in less than nine hours.The roundup highlights the government's latest attempt to combat cyber crime, which causes $110 billion in global direct costs each year, according to a 2012 study from Symantec's (NASDAQ:SYMC) Norton division.Prosecutors say the crime ring used sophisticated intrusion techniques, known as "Unlimited Operations," to penetrate the systems of global financial institutions and steal prepaid debit card data and eliminate withdrawal limits. The sensitive data was then spread around the world and used in making massive amounts of fraudulent ATM withdrawals, official allege."The defendants and their co-conspirators participated in a massive 21st c...

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