A group of hackers have stolen over $1 billion dollars from banks around the world in what is perceived to be one of the largest banking breaches in history, according to The Huffington Post. The hackers have been targeting the banks since 2013 and they have gained access to over 100 institutions in 30 different countries.
After hacking the banks, the thieves perform phishing schemes and various other methods in an attempt to learn the bank’s security systems. They take videos of employees, screen shots and other forms of data. Once they case the joint, they use that knowledge to Ocean’s Eleven the banks without anyone noticing.
They steal the money by programming various ATM machines to dispense money at various times of the day. They also set up fake accounts to transfer money and, after taking no more than $10 million from one place, they move to another bank, one of the main reasons why they haven’t been detected as of yet.
These attacks are especially unusual because they target the banks instead of the customers who use them. Instead of stealing customer information (which is more common), they steal the banks funds instead. Reports have even said that the cyber-heist is purely financially motivated, not political or terror related.
Most of the banks were located in Russia, the U.S., Germany, Ukraine and China. There have also been reports that state that the hackers may be moving throughout Africa, Europe, Kapersky and the Middle East.
The White House is also putting an increased focus on cyber security in the wake of these events and the administration wants Congress to replace state laws with a national standard, giving companies 30 days in which to notify customers that their personal accounts have been compromised.