FBI warns of impending ATM hack

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.”

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.