Over $1 Billion Stolen From Banks Using Malware

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According to New York Times reports reported on Saturday, hackers have stolen as much as $1 Billion from more than 100 banks and other financial companies in almost 30 nations, making it the most sophisticated attack the world has seen to date.

An investigation by Kaspersky Lab, a Russian cybersecurity firm, confirmed that it was not the bank’s problem rather the bank’s internal computers had been breached by malware that recorded every move of the bank employees. The malicious malware breached the banks’ system for months, tracking the working process of the employees, sending back video feeds to hackers.

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In order to infect bank staffs, the hacker group sent malicious emails to hundreds of employees at different banks. Once open, the email downloads a malware program called Carbanak, that allegedly allowed perpetrators to transfer money from the banks to fake accounts or ATMs monitored by criminals. The attackers then set up fake accounts in the United States and China to collect the transferred cash. Two of the banks with fake accounts were J.P. Morgan Chase and the Agricultural Bank of China.

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“This is likely the most sophisticated attack the world has seen to date in terms of the tactics and methods that cybercriminals have used to remain covert”, said Chris Dogget, the managing director of the Kaspersky North America office in Boston.

The exact figure of the stolen amount is unclear, though, according to the cybersecurity firm, the total theft could be more than $300 Million. Because, the hackers only swiped $10 million at a time and some banks were targeted more than once.

 

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