Cyber security investigators unearth $1bn bank theft
Criminal gang targets 100 financial institutions across globe over two-year period
An international cyber cabal has made off with as much as $1bn from around 100 financial institutions across the globe over a two-year period, Reuters reported, citing Russia-based security firm Kaspersky Lab.
Kaspersky pledged co-operation with Interpol, Europol and police forces across Europe, to further investigate the theft.
The gang, which Kaspersky calls Carbanak used a spear-phishing campaign to target bank employees, setting the gang's raid apart from most cyber-theft operations, which tend to focus on customers. After employees had clicked on malicious links, monitoring malware was used to infect administrator machines so the gang could watch bank procedures on transferring funds so they could mimic the processes and avoid raising red flags.
Carbanak, which includes members from Russia, Ukraine and China, even increased bank balances before transferring cash, so account holders were unaware of any criminal activity. Gang members also managed to compromise ATMs and direct them to dispense money to associates who stood ready at the machines to receive the cash.