ATM fraud

January 5, 2017

Stolen Passwords Fuel Cardless ATM Fraud

This post was originally published on this siteSome financial institutions are now offering so-called “cardless ATM” transactions that allow customers to withdraw cash using nothing more than their mobile phones. But as the following story illustrates, this new technology also creates an avenue for thieves to quickly and quietly convert stolen customer bank account usernames and passwords into cold hard cash. Worse still, fraudulent cardless ATM withdrawals may prove more difficult for customers to dispute because they place the victim at the scene of the crime. A portion of the third rejection letter that Markula received from Chase about her $2,900 fraud claim. […]
July 24, 2018

Hackers Breached Virginia Bank Twice in Eight Months, Stole $2.4M

This post was originally published on this siteHackers used phishing emails to break into a Virginia bank in two separate cyber intrusions over an eight-month period, making off with more than $2.4 million total. Now the financial institution is suing its insurance provider for refusing to fully cover the losses. According to a lawsuit filed last month in the Western District of Virginia, the first heist took place in late May 2016, after an employee at The National Bank of Blacksburg fell victim to a targeted phishing email. The email allowed the intruders to install malware on the victim’s PC […]