492 ATMs across Europe were blown up by thieves in the first half of 2016, as criminals looked to supplement their attempts at infiltrating machines via cyber-attacks. These “cash out” or “jackpotting” attacks typically involve malware which takes control of the ATM’s cash dispensing function to fill the pockets of the cyber criminals. ATM fraud alone cost European lenders €174m (£157m) in the first half of 2016, up from €156m (£141m) a year ago. This new shows criminal gangs increasingly using diverse tactics, and blending physical and online methods, to steal from banks. A report from Kaspersky Lab back in April claimed that almost all ATMs across the globe can be illegally accessed and raided without even the need to install malware – because they’re running outdated technology.
Link: http://www.infosecurity-magazine.com/news/euro-bank-robbers-blow-up-492-atms/
Hello Mengxue/class- this is a very interesting article that raises good questions about physical and logical security.
We all know that ATMs are protected and the money is also insured so the big question is Why European banks can better their systems and make ATMs more secured?
it sounds like these banks need to update their software on the ATM to stop them from using malware to make the money come out (jackpotting) I have never heard of this, I wonder will these cyber criminals attempt to do this on ATM in the US.
Good questions, Roberto! In the article, it mentioned that almost all ATMs across the GLOBE can be illegally accessed and raided without even the need to install malware – because they’re running outdated technology. I don’t know it this report is 100% true, but since Euro banks are suffered from this issue. I think all banks in the world should update their system and protect themselves from this.
Roberto, I think this is purely negligence because those banks should be able to afford improving security systems of their ATMs. One can easily notice that user interfaces from a lot of ATM machines look dated. Hackers will notice that and take similar actions to what is happening in Europe.