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FBI warns of massive ATM heist

Discussion in 'Financial Cents' started by Motomom34, Aug 14, 2018.


  1. Motomom34

    Motomom34 Monkey+++

    Why is this not being talked about in the news. I do not have cable but usually I see things on-line. This story has been so quiet. People are getting distracted by the never ending WH saga/drama


    The FBI Says There's Going to be a Huge Bank Heist in the Coming Days
    The FBI just warned banks that their customers’ accounts could be targeted by a worldwide ATM hacking scheme.

    The attack, known as an “ATM cash-out” or “unlimited operation,” is expected in the coming days, and will likely take place on a weekend or after banks have closed, according to information obtained by the FBI. Hackers will steal data by gaining access to bank systems or payment card processors. They’ll then alter bank data relating to fraud controls, maximum withdrawal limits, and even the amount of money in each account. Then, using the stolen information, they could withdraw large sums of cash from ATMs worldwide in the space of only a few hours.

    The warning was issued only to banks, not the general public, but was publicized by Brian Krebs on his cybersecurity blog, Krebs on Security.

    Follow the link for the rest of the story:
    The FBI Says There's Going to be a Huge Bank Heist in the Coming Days

    We always question if our money is safe in the bank. I have always questioned how secure are my banks against hackers.

    Here is another article, basically same info but this article is claiming this week. FBI warns that a massive ATM-cashout heist may happen this week: report not sure how they can predict that.
     
  2. Asia-Off-Grid

    Asia-Off-Grid RIP 11-8-2018

    Maybe they're the ones throwin' the party? :D
     
  3. Bandit99

    Bandit99 Monkey+++ Site Supporter+

    While @Asia-Off-Grid was making a joke, in truth, can we even trust the FBI not to do something this profound? No organization or agency is trustworthy anymore in our government, none, not even the FBI. People are always talking about 'False Flag' operations and maybe this is one? Just thinking out loud here...
     
    3M-TA3, Gator 45/70 and Motomom34 like this.
  4. ghrit

    ghrit Bad company Administrator Founding Member

    The Indy? I have this tin foil feeling for some reason.
     
    Gator 45/70 likes this.
  5. GuitarPlayer

    GuitarPlayer Monkey

    LOL You aren't far from the truth...

    You've heard of bank bail outs... but have you heard of bank bail ins? This law is already ON the books in every Rothschild banking country, i.e., 'your' money is 'their' money.

    According to an International Monetary Fund paper titled “From Bail-out to Bail-in: Mandatory Debt Restructuring of Systemic Financial Institutions“:

    Bail-in . . . is a statutory power of a resolution authority (as opposed to contractual arrangements, such as contingent capital requirements) to restructure the liabilities of a distressed financial institution by writing down its unsecured debt and/or converting it to equity. The statutory bail-in power is intended to achieve a prompt recapitalization and restructuring of the distressed institution.

    The language is a bit obscure, but here are some points to note:

    • What was formerly called a “bankruptcy” is now a “resolution proceeding.” The bank’s insolvency is “resolved” by the neat trick of turning its liabilities into capital. Insolvent TBTF banks are to be “promptly recapitalized” with their “unsecured debt” so that they can go on with business as usual.

    Unsecured debt” includes deposits, the largest class of unsecured debt of any bank. The insolvent bank is to be made solvent by turning our money into their equity - bank stock that could become worthless on the market or be tied up for years in resolution proceedings.

    • The power is statutory. Cyprus-style confiscations are to become the law.

    • Rather than having their assets sold off and closing their doors, as happens to lesser bankrupt businesses in a capitalist economy, “zombie” banks are to be kept alive and open for business at all costs - and the costs are again to be to borne by us.

    New Rules: Cyprus-style Bail-ins to Take Deposits and Pensions | HuffPost


    I'd be more worried the bank takes your deposits than some outsider bank heist at an ATM. If that ever happens you are 'covered' (LOL) to $250K by the FDIC... however, it could take a year to recoup...
     
    Gator 45/70 likes this.
  6. oil pan 4

    oil pan 4 Monkey+++

    Well my checking account balance stays below about $500.
    I would only keep 200 to 300 in there but my wife insists I keep 500 in there.
    After I pay all my share of the bills I take out the rest and blow it on cocane, hookers and booze.

    We already know our money isn't safe in the bank from the bank it's self or external bad actors.

    The European bank safu cut people off from using their bank accounts form a week and up to a month for some unlucky people.
    If your bank card info gets skimmed from a store front criminals can empty out your checking account and you are sol.
     
    Brokor, Motomom34 and Gator 45/70 like this.
  7. GuitarPlayer

    GuitarPlayer Monkey

    Saw on TV where a person can walk past you with a scanner and read the RFID chip on your credit card and you won't even know they did it! I don't own a bank card.
     
    Motomom34 and Gator 45/70 like this.
  8. HK_User

    HK_User A Productive Monkey is a Happy Monkey Site Supporter

    So, if you have more than one RFID card and they are all the new type with a Random Number how would that work.
     
    Gator 45/70 likes this.
  9. oil pan 4

    oil pan 4 Monkey+++

    The criminal just had to get lucky once.
    If they can go around and digitally steal 20 people's wallets and get one useable card number its worth it.
     
    Gator 45/70 likes this.
  10. HK_User

    HK_User A Productive Monkey is a Happy Monkey Site Supporter

    This is the kicker of why it can't happen as determined by some. Cloned cards you can't clone enough chip cards to blow smoke out of an empty hole.
     
    Gator 45/70 likes this.
  11. HK_User

    HK_User A Productive Monkey is a Happy Monkey Site Supporter

    Doesn't work that way. Chips access the bank and each time a new approval code is set. The card has other safety controls.

    With credit cards, the tiny chip contains encrypted data that is activated only when the card is inserted into a designated “smartcard” reader, such as at a store or restaurant. So fears of having someone “skim” your microchipped credit card are largely unwarranted, security officials say.

    Think of it as a random number generator in a slot machine.
     
    Gator 45/70 likes this.
  12. oil pan 4

    oil pan 4 Monkey+++

    As far as I can tell most of the card thefts are being done by skimmers say at gas pumps or by some jerk in a drive through double swiping your card.
    One swipe for your food and one swipe to a magnetic strip copying rig.
     
    Gator 45/70 likes this.
  13. DKR

    DKR Interesting ideas, interesting stories

    OMG - Armageddon!

    What can you really to to protect yourself? Lots, as it turns out.

    NO debit card(s) - period.

    A single checking account, with very little on deposit. Most of the asserts in a saving accounts in two different institutions - one is a bank, the other a Credit Union - this case of "computer problems".

    NO ATM access/Internet access - ask if this can be blocked. - Check with the institution t

    Credit cards -
    Set a low credit limit.
    I don't give a crap what the card company would be happy to let me have - at 23% interest, they can kiss my....ring. While I am protected by Federal Law, why bother to give some asshet free money.

    Place delivery restrictions on the card.
    Item ordered on line may ONLY be delivered to (In my case) a single street address and a single PO box number. If the vendor sends it anywhere else, they eat the charge back - not my problem.

    Check the monthly statement with a magnifying glass.
    Any charge you can't substantiate with a receipt. No paper, no pay, the item is deputed. I've yet to lose.

    Pay cash at fast food joints and restaurants.
    This goes with only/consistently buying gas from one or two different stations. Anything else will flag the card and requires a phone call to clear things up. A PITA? Sure, but then it is my dough here.

    Other things you can do:
    - When I travel, I let the card company know just where I expect to be and the timeframe. I give notice that charges outside of those area(s) in the time frame will be disputed - as will any charges made back home while traveling.

    -Single credit card. Something of a risk if the system crashes while I'm outside. So far,. not been an issues, but now I don't travel as much as in the past.

    -RF tight container.
    For the really paranoid. I bought my wife a new pocketbook, and the RF ID chip protection is builtin.

    -Carry the card and primary ID in a separate, smaller wallet. When I travel, I carry an old wallet with a few bucks and empty gift cards....you know, n case someone asks politely for my cash and wallet. I doubt anyone would want my cheap Timex...

    Want to use Amazon? Screw them and giving them a credit card #. Buy a $25 Visa gift card and use that to open your account.



    Paranoia strikes deep - into your life it will creep, if you want to avoid getting ripped off....
     
  14. Asia-Off-Grid

    Asia-Off-Grid RIP 11-8-2018

    I don't trust any acronym agency... including the ASPCA.
     
    Gator 45/70 likes this.
  15. oil pan 4

    oil pan 4 Monkey+++

    I use credit card or cash. But mostly credit card.
    Last month I accidentally paid about $30 in finance charges. Having selected "pay minimum balance" instead of "pay last months balance".
    Otherwise it would have been less than $5 on all cards.

    Just pay them off when you use them.
     
    DKR, Gator 45/70 and Motomom34 like this.
  16. T. Riley

    T. Riley Monkey+++ Site Supporter++

    They're going to have to go to a lot of ATMs to make it massive. Most ATMs only have $20-$30,000 and busy ones are serviced daily. I think someone will notice. Sounds like fake news to me.
     
    Bandit99, Witch Doctor 01 and ghrit like this.
  17. Motomom34

    Motomom34 Monkey+++

    Very interesting. I remember when that happened. If that happened here many would have meltdown. It would hurt commerce and people would be running out of gas etc.

    I did double check the article before posting because it just seemed odd. The FBI warning of huge bank heists. Reputable news sources had articles. They are saying the banks are going to be hit. So if a thieve wipes out millions from Well Fargo, then what? Tickle down?
     
  18. oil pan 4

    oil pan 4 Monkey+++

    The article sounds like the scheme is not to hit all ATM machines, maybe not even ATM machines in the US.
    But steal customers into, hack their accounts to eliminate withdraw limits and fraud protection which probably blocks foreign currency withdrawals from over seas ATMs.

    Cash out of the ATM would be the ultimate heist because once the money is out of the box it becomes impossible to track or get back, any one will take it and you can spend it any where. Unless it's a real crazy amount you don't even really have to worry about laundering it.
     
  19. Witch Doctor 01

    Witch Doctor 01 Mojo Maker

    I have an RFID protection pocket in my Scottie vest I use as well as an RFID proof wallet some simple measures will protect you... an ounce of prevention is worth a pound of cure... In this case a 10 dollar RFID protected wallet works... don't want a wallet?.. use an older anti static bag that your older boards and chips come in... no cost and they also work...

    YMMV
     
    Bandit99 and GuitarPlayer like this.
  20. VisuTrac

    VisuTrac Ваша мать носит военные ботинки Site Supporter+++

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