Published On: Tue, Feb 17th, 2015

More Than $1 Billion Stolen From Banks In Different Countries Using Malware

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In the biggest banking breach in the history of international hacking group, more than $ 1 billion from about 100 banks in 30 different countries has been stolen.

It seems that the hacking process started in 2013 using sophisticated malware. The hackers have dispensed money from ATMs in different countries without even touching the machines.

The report about the incident was released by Kaspersky Labs, a Moscow- based security firm. According to the report released on Monday, the hackers used mules to pick up the money from ATMs.

More Than $1 Billion Stolen From Banks In Different Countries Using Malware

The hackers used a malware called Carbanak which targeted the employees of the bank and not the customers unlike the other hackers. The name is given by Kaspersky Lab. This new era cybercrime targeted the international operations of the banking institutions.

Kaspersky lab has not mentioned the names of the banks that have been duped by the hackers in their report, but revealed that most of the victims are Russian-speaking institutions. According to the report, the malware has been downloaded from Russia. Apart from Russia, the hackers have targeted the banks globally. This includes banks from Ukraine, U.S, China, Britain, India, Sweden, etc.

According to the information, the hackers belong to Europe and China and they are trying to extend their operations to Central European countries, Asia, Middle East, Africa and Baltic area.

Kaspersky fears that the hackers will now start targeting other financial institutions as well. The estimated losses per bank range from $2.5 million to $10 million. An institution has lost more than $47.3 million through ATM hacking alone.

According to Kaspersky, the fraudulent activity was undetected as the hackers limited their stealing to $10 million per bank deliberately.

The total financial loss from the successful cyber crime could be about $1 billion. J.P. Morgan Chase was targeted by the hackers using fake accounts.

Fengmin Gong, Cyphort,’s chief strategy officer said that ‘Carbanak cybergang‘ operation was the most daring, sophisticated and most damaging cyber crime that has happened against banks till date and the method of attack by the hackers shows that the criminals are leaps ahead when compared to other cyber attacks on banks.

Carbanak is different from the regular bank hacking in that it targets the money instead of targeting the data stored by the banks.

According to the report by Kaspersky, the hackers would have waited for months after hacking the bank network to know how to control the dealings to take out the cash.

About the Author

- Author is a editor of Dailynewsz -a news portals that covers world news and breaking headlines from US,UK,Europe,Middle East and Asia.He is also co founder of Searchprofiler

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