Cybercriminals Net Big Payday Targeting Banks

The most common motivator for cybercriminal activity continues to be the promise of financial reward. That is why both enterprises and consumers must remain vigilant in pursuing robust data security solutions. Although small and medium-sized businesses have recently experienced an increase in network breaches, hackers are still looking to make a big score by targeting larger organizations such as major banks.

Hackers unlock unlimited funds
A well-coordinated attack on a financial center can result in a devastating loss of resources while only taking a matter of hours to launch. For example, the federal government recently accused eight men of stealing approximately $2.8 million from banks around the globe within a 24-hour window of opportunity. The New York-based cell allegedly hacked into the systems of the victimized financial institutions and stole data pertaining to prepaid debit cards. The hackers then removed withdrawal limits on the respective cards and used them to make electronic ATM withdrawals from locations across the world. Without any withdrawal limits in place, the culprits had an essentially unlimited access to funds from international institutions. All told, the cell's ongoing criminal activity reportedly netted them approximately $45 million.

Seven of the eight defendants have been detained by law enforcement authorities for their alleged roles in the cybercrime operation. They have been charged for crimes relating to money laundering and financial fraud. The eighth identified defendant, Alberto Yusi Lajud-Pena, is believed to have been murdered earlier this year in the Dominican Republic.

Misdirection becoming a more prevalent strategy
Security experts have noted that even when attacks are successfully repelled, there is still the possibility that the responsible parties are simply attempting to draw resources away from the real target. According to Bloomberg, hackers were able to steal tens of millions of dollars from European banks after misdirecting cybersecurity officials with a denial-of-service campaign. While the affected banks were busy grappling with the massive influx of traffic that threatened to take their sites offline, hackers stole funds from customer accounts without much resistance.

To prevent such devastating financial assaults from occurring, banks need to invest in a comprehensive data security strategy that protects every angle of their networks and databases. At times, the last line of defense in these scenarios can be an encryption protocol. To protect financial records both at rest and in transit, banks should deploy extensive data encryption software solutions.