Reverse ATM Fraud: How It Works
Source: www.alliedmarketresearch.com
Russian hackers have adopted a new technique, dubbed Reverse ATM Attack to steal Millions of dollars from ATMs of financial institutions.
According to the experts at security firm GroupIB, the Reverse ATM Attack allowed criminal rings in Russia to steal 252 Million Rubles (roughly US$3.8 Million) from at least five different banks.
The experts provided a detailed description of the Reverse ATM Attack. The attacker would deposit sums of 5,000, 10,000 and 30,000 Rubles into legitimate bank accounts using ATMs, and immediately withdraw the same amounts of money accompanied by a printed receipt of the payment transaction. At this point the hackers send the details included in the receipt, including the payment reference number and the amount withdrawn, to a partner who had remote access to the infected POS terminals. Usually the partner is an individual located outside of Russia.
The partner hacker would then use the details on the receipt to perform a reversal operation on a POS terminal that would lead them into believing that the withdrawals were cancelled, thereby tricking thousands of point-of-sale (POS) terminals in the US and in the Czech Republic.
From the perspective of the bank, it would appear the attempt to withdraw cash was failing, a circumstance that for example occurs when the bank account has insufficient funds.
The cash out process is made through a global “money mule” network that will transfer the money to the attacker’s bank account.
Security Affairs: http://bit.ly/1lTGhS2 Sky: http://bit.ly/1PLwjys Securelist: http://bit.ly/1XamtFf
