FBI Says Worldwide “ATM Cash-Out” Could Mean Millions Of Dollars Withdrawn From Customer Accounts

CHARLOTTE, NC. — A warning about a possible ATM attack. The FBI says a worldwide coordinated cash-out could mean millions of dollars withdrawn from customer accounts.

Cyber-security experts say–keep a close eye on your bank account the next few weeks. The attackers can hack a bank or payment card processor. Then they’ll use the stolen information to take out large sums of money at ATMs.

It’s the modern day bank robbery.

“Instead of walking into a bank they’re trying to use the ATM network to steal,” says Mike Holland with Fortalice Solutions.

Here’s how it works– cyber criminals use malware on a bank or card processor to get your card numbers. According to cyber-security blog Krebs on Security: the FBI is warning banks about a possible cash-out happening soon.

The cyber attackers alter ATM withdrawal limits and account balances, allowing them to withdraw as much money as each ATM has. The card data is shared with accomplices who imprint it onto reusable magnetic strip cards, resembling gift cards. From there, they set a date and withdraw cash from ATM’s around the world at the same time.

Holland says step one in protecting yourself: check your bank account–a lot.

“You want to be looking at activity in your own bank account making sure that yes, I did, if I didn’t then that’s fraud and you want to raise that.”

Holland also says you should also have text alerts and emails set up to warn you of unusual activity. You can take it a step further and get two-factor authorization.

The FBI is not commenting on this latest cash-out scheme, neither are any major banks.