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Sophisticated Bank Hack Leads to $45 Million ATM Theft
Sophisticated Bank Hack Leads to $45 Million ATM Theft

By Jennifer LeClaire
May 10, 2013 1:34PM

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"As much as it pains me to admit this, we're woefully behind in card security," said security researcher Ken Pickering after a criminal group stole $45 million from ATMs. "Unfortunately, I think most people treat fraud as a 'necessary evil' in issuing magnetic-stripe credit cards, but the real problem is: How do we replace all the credit scanners in the U.S.?"
 



(Page 2 of 2)

Pickering said that often, in analyzing the security of a system, it comes down to the weakest link.

"The real weakest link in this scenario was how easily these cards were modified and duped on a massive scale," he said.

Real-Time Monitoring Needed

Tom Cross, director of security research at Lancope, told us several attacks of this nature have occurred in the past few years. What makes this type of attack unique is not just the technical skill required to pull it off, he said, but the level of logistical coordination needed to perform nearly simultaneous withdrawals from large numbers of ATM machines.

"The fact that debit card processing infrastructure was compromised is a significant problem," Cross said. "There are a variety of different attacks that may have been possible given the access that these criminals had to the back-end infrastructure. The vulnerabilities that led to that compromise need to be identified and closed."

Unfortunately, Cross said, while breaches like this are often reported to the public, we rarely hear the specific technical vulnerabilities that the attackers were able to exploit in order to pull off the attack. It would be helpful, he added, if more organizations publicly disclosed the technical vulnerabilities associated with network security breaches, because this information helps their peers prioritize the steps they should take to lock down their own networks.

"This type of attack might be preventable if ATM networks were able to monitor transactions in real time for unusually large numbers of transactions involving individual cards or cards from the same issuing institution," Cross said. "Unfortunately, that type of infrastructure doesn't exist today, but perhaps it's time to consider creating and implementing it now -- especially after this latest attack."

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Curt Rostenbach:

Posted: 2013-05-20 @ 6:33am PT
"How do we replace all the credit scanners in the U.S.?"
I dunno, will it cost more than $45 million?





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