Posted on 08/13/2018 at 11:40 AM by John Lande
The FBI is alerting financial institutions about a global fraud scheme targeting ATMs. Fraudsters may be planning a worldwide “jackpotting” of ATMs in the next few days. “Jackpotting” refers to a fraud scheme where fraudsters cause ATMs to dispense all of their cash.
Krebs on Security reported over the weekend that the FBI is warning financial institutions that fraudsters may attempt a simultaneous worldwide ATM cash out. International media outlets, including The Telegraph in the United Kingdom, echo the Krebs report about the confidential FBI release.
This blog has previously covered “jackpotting” schemes. ATMs offer fraudsters numerous opportunities. The rash of payment card breaches have given fraudsters numerous ways to duplicate cards and gain access to ATM funds. Many ATMs also run on outdated operating systems that are no longer updated, or use default passwords that are easy for fraudsters to locate online.
Even if the FBI foils this fraud scheme this will not be the last time fraudsters target ATMs. ATMs are too attractive of a target for fraudsters to ignore. ATMs are often outside many of a financial institution’s defenses including firewalls and antivirus software. Financial institutions should carefully control who has access to their ATMs, and be alert to potential fraud schemes that involve remote or digital access.
The material in this blog is not intended, nor should it be construed or relied upon, as legal advice. Please consult with an attorney if specific legal information is needed.