FBI warns of impending ATM hack

By Cyber SecurityFOXBusiness

Worldwide ATM hack warning

FBN's Ashley Webster on the FBI warning banks of a potential worldwide ATM hack warning.

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.

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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.

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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.