Banks lose £30m plus to new hybrid threat hitting former Soviet states

itman · Oct 10, 2017

Banks face a new hybrid threat from hackers that has already netted criminals a cool £30 million, according to a new report.

A series of banks in post-Soviet states have recently lost millions to a particularly sophisticated attack strategy, with the average amount around £3.8 million (in cash), ranging from £2 million to £7 million. The researchers warn that similar methods are likely to be attempted on banks in Europe and the US imminently due to the success of the scheme.

The attacks do rely on a detailed knowledge of internal bank processes, and several online and offline groups of attackers working in unison. The attack involves the creation of large numbers of ‘mule accounts' with fake documents, then the compromise of key bank systems and credentials, which are in turn used to create and approve overdraft facilities for the mule accounts, as well as suppress fraud alerts for those accounts if required. In a synchronised attack, as the internal systems are suppressed, within minutes the offline criminals strike at various ATM terminal locations outside the bank's originating country, withdrawing large sums of cash.

The researchers from Trustwave SpiderLabs said that the attacks represent a ‘clear and imminent threat to financial institutions' in European, North American, Asian and Australian regions within the next year.
Click to expand...

https://www.scmagazine.com/banks-lo...-hitting-former-soviet-states/article/699111/

itman · Oct 16, 2017

New Cybercrime Campaign a 'Clear and Imminent' Threat to Banks Worldwide

Hundreds of millions of dollars stolen from banks via an sophisticated attack that blended cyber and physical elements.

The well-orchestrated bank heist campaign appears to be the handiwork of an Eastern European crime gang that blended the physical fraud actions of money mules and phony documentation with a cyberattack that began with spear-phishing emails.

Trustwave says the attack campaign "represents a clear and imminent threat to financial institutions in European, North American, Asian and Australian regions within the next year."

Physical Stage I Recruit of mules to open bank accounts and issue new debit cards

Cyber Stage I Obtain unauthorized privileged access to the bank’s network

Cyber Stage II Compromise third-party processor’s network

Cyber Stage III Obtain privileged access to Card Management System

Cyber Stage IV Activate overdraft on specific bank accounts

Physical Stage II Cash-out from ATMs in multiple cities and countries

Source: Trustwave

The criminals needed access to the bank employee accounts to set overdraft features to the debit-card accounts the mules had opened.
Click to expand...

https://www.darkreading.com/attacks...ent-threat-to-banks-worldwide/d/d-id/1330139?

Circuit · Oct 16, 2017

I smell the NSA, AKA: Swamp debris.
Anything linked to "Soviet, Russia, No. Korea all swamp debris.
Get over your loss.

Log in or Sign up

Banks lose £30m plus to new hybrid threat hitting former Soviet states

itman Registered Member

itman Registered Member

Circuit Registered Member

Log in or Sign up

Banks lose £30m plus to new hybrid threat hitting former Soviet states

itman Registered Member

itman Registered Member

Circuit Registered Member

Useful Searches