Just when we think we’re finally safe, another urgent warning comes flying in our direction. This time, the warning concerns our money, cards, and banks, and is one to be taken very seriously.
The Federal Bureau of Investigation has recently issued a massive warning of a threat that could potentially affect people all across the globe.
Their warning is focused around a massive cyber plot geared around swiping millions of dollars in a matter of hours in what is now being called the “ATM cash-out scheme.” An urgent warning was sent out to all banks on August 10.
According to the website: “The FBI has obtained unspecified reporting indicating cybercriminals are planning to conduct a global Automated Teller Machine (ATM) cash-out scheme in the coming days, likely associated with an unknown card issuer breach and commonly referred to as an ‘unlimited operation’.”
CBS News also elaborates: “The cybercriminals typically create fraudulent copies of legitimate cards by sending stolen card data to co-conspirators who imprint the data on reusable magnetic strip cards, such as gift cards purchased at retail stores.”
The entire setup is not only frightening, but quicker to complete than ever. “At a predetermined time, the co-conspirators withdraw account funds from ATMs using these cards.”
The scammers also can alter bank account balances, enabling them to remove a great deal of cash under little to no time at all.
Banks are urged to take the utmost precautions before the scheme takes place.
The FBI detailed their advised tips on how to better protect yourself: Implement dual authentication procedures for all your accounts, set limits on your account withdrawals, set location boundaries on your cards, stronger passwords.
Be leery of using ATMs in the coming days, as this is the method in which the entire operation will be carried out.