Hackers Find a New Way to Make Maximum Cash Withdrawals
01/23/2013 -Visa recently sent an alert to clients warning them that hackers are skipping theskimmers and instead targeting internal networks at banks to steal cash from ATMs.
The alert was sent to Visa Inc. customers around Jan. 10 and warns that organized crime groups are hacking banking systems andmanipulating withdrawal limits and account balances to make large transactions around the world, the Star Tribune reports.
After accessing financial information, criminals can re-write account information ontomagnetic stripes of blank plastic cardsand use them to withdraw large amounts of cash anywhere in the world.
In some instances, more than $500,000 has been withdrawn on a single card in 24 hours.
Visa says card issuers and processors should monitor transaction velocity to get ahead of this type of fraud.