In one of the largest bank thefts ever, hackers may have stolen up to $1 billion from 100 banks worldwide, according to Russian Internet security company, Kaspersky Lab.
The thefts started in 2013 and involved financial institutions in 30 countries, including Russia, the United States, Germany, China and Ukraine.
Because of nondisclosure agreements with the banks, Kaspersky hasn’t named the banks that were impacted. White House and FBI officials have been briefed on the findings but say it will take time to confirm them and assess the losses.
Kaspersky officials say the hackers typically stole about $10 million from each back before moving on to the next, which partly explains why the crime wasn’t detected earlier.
Each theft took two to four months to pull off and started with hackers infecting a bank employee’s computer with malware dubbed “Carbanak.”
That allowed the hackers to access the network and monitor administrators’ computers through video surveillance. By watching employees’ computer screens, the hackers learned how to do money transfers to their own accounts.
The hackers also programmed ATMs to dispense money at specific times when one of their accomplices was at the machine to collect the money.
So far, Kaspersky has seen evidence of $300 million in theft, but they believe the total could reach $1 billion.
Some banks were hit multiple times, and the attacks are still active. The criminals are believed to be Russian, Ukrainian, Chinese and European, according to the report.
No bank has acknowledged the theft, a common frustration of federal officials. President Obama has urged for the passage of a law requiring the public disclosure of any breach that compromises personal or financial information.
An industry group that alerts banks to malicious activity, the Financial Services Information Sharing and Analysis Center, said in a statement that its members were aware of the attacks and law enforcement was investigating.
The American Bankers Association declined to comment.
The attacks underscore the fact that criminals will exploit any vulnerability in a system, said Sergey Golovanov, principal security researcher at Kaspersky Lab’s Global Research and Analysis Team. The attack also shows that no sector has immunity from cyber security breaches.
These attacks are unusual because they targeted the banks themselves rather than customers and their account information, as in previous cyber breaches involving Target, Home Depot and other companies.
