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Attacks/Breaches

5/23/2016
01:15 PM
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$13 Million Stolen From Japan ATMs Via Stolen S. African Bank Data

Coordinated fraudsters hit ATMs at 1,400 Japanese 7-Eleven stores -- before lunch.

In less than three hours, a coordinated group of fraudsters stole 1.4 billion yen (about $12.8 million), by simply strolling into 7-Eleven and withdrawing those stacks of cash from the ATM. 

The fraudsters reportedly used fake credit cards that were created using stolen data on roughly 1,600 account holders from Standard Bank in South Africa. 

Police believe over 100 money mules might have been involved in the withdrawals, which took place the morning of May 15. Approximately 14,000 withdrawals were made -- each the maximum amount of 100,000 yen ( ~$913 US) -- from about 1,400 machines in Tokyo and 16 prefectures in Japan. 7-Eleven stores were hit presumably because they accept foreign credit cards, while many ATMs do not. 

Standard Bank says its own losses add up to approximately $19.25 million. See more at BBC and The Mainichi.

   

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RyanSepe
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RyanSepe,
User Rank: Ninja
5/24/2016 | 12:58:06 PM
Re: ATM Stolen Money
Not sure if it differs from country to country but I would think it would be based on the company policy to define how they process events such as this. Someone may want to weigh in from a legal standpoint to provide more here but its a tricky situation nonetheless.
nouvomarketing
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nouvomarketing,
User Rank: Apprentice
5/24/2016 | 12:31:07 PM
Re: ATM Stolen Money
Oh ok. That makes sense. The thieves got information from people who had credit accounts and exploited that. So, who is liable for the stolen money in the end. The individual it was stolen from? The bank? Or the insurance?
RyanSepe
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RyanSepe,
User Rank: Ninja
5/24/2016 | 8:37:52 AM
Re: ATM Stolen Money
Debit cards do have strengthened security but the flaw here was that an individual had a credit account. Exploiting that account allowed for the withdrawals, this is why security assurance practices need to be in place for situations such as these because not having a line of credit in most cases is impractical.
nouvomarketing
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nouvomarketing,
User Rank: Apprentice
5/23/2016 | 2:10:15 PM
ATM Stolen Money
Wow, I thought these kind of things only happened in the movies. Makes you think about using your debit card next time.. I hope the new chips in the cards help out with fraud.
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