8 charged in $45 million cybertheft bank heist

45 mill

The mass bank robbery of $45 million has brought more attention to the security banks use.  The criminals that committed these thefts used the loot for Rolex watches and luxury cars.

The eight defendants charged Thursday withdrew $2.8 million from New York banks in two separate attacks this past December and February, said US attorney Loretta Lynch.   Each attack was pulled off in a matter of hours.  

How did these criminals steal money from around the world?

The ring used prepaid MasterCard debit cards that were issued by the National Bank of Ras Al-Khaimah PSC, located in the United Arab Emirates, and the Bank of Muscat, located in Oman.

The thieves hacked into the banks’ systems to drastically increase the amount available on the cards, and then used the information about the cards to withdraw money at banks around the world.

Bill Stewart, a senior vice president at Booz Allen says,  “There are still many institutions these days are not practicing good security hygiene,”. “So these kinds of attacks work.”

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Picture by ThinkPanama

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