Two men have been charged with stealing as much as $ 50,000 through “Jackpotting,” a crime that causes malware-infected ATMs to rapidly empty their cash reserves to waiting accomplices.
Alex Alberto Fajin-Diaz, 31, of Spain, and Argenys Rodriguez, 21, of Springfield, Massachusetts, allegedly dressed as ATM repair technicians and approached a machine at the Citizen’s Bank in Cromwell, Connecticut, on January 27, according to a criminal complaint filed in US District Court in Hartford. After accessing the inside of the machine, prosecutors said, two additional males then approached the same ATM. An early investigation by Citizens Bank officials later showed that the ATM was drained of more than $ 50,000.
Citizens Bank investigators quickly detected some sort of anomaly while the ATM heist was in progress and called the Cromwell Police Department. Patrols who responded to the location allegedly found Fajin-Diaz and Rodriguez inside a white, two-door Honda Accord that had been captured in video surveillance of the breached ATM. As a police officer was questioning the men, he heard the ATM making sounds that are typical when it’s dispensing money. The machine proceeded to dispense 40 $ 20 bills.
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https://briefnews.eu/two-men-charged-in-jackpotting-scheme-that-drains-atms-in-minutes/feed/0U.S. Secret Service: Hackers stole over $1 million by jackpotting ATMs
https://briefnews.eu/u-s-secret-service-hackers-stole-over-1-million-by-jackpotting-atms/
https://briefnews.eu/u-s-secret-service-hackers-stole-over-1-million-by-jackpotting-atms/#respondTue, 30 Jan 2018 06:33:36 +0000http://briefnews.eu/u-s-secret-service-hackers-stole-over-1-million-by-jackpotting-atms/
(Reuters) — A coordinated group of hackers likely tied to international criminal syndicates has pilfered more than $ 1 million by hijacking ATM machines across the United States and forcing them to spit out bills like slot machines dispensing a jackpot, a senior U.S. Secret Service official said on Monday.
Within the past few days there have been about a half-dozen successful “jackpotting” attacks, the official said.
The heists, which involve hacking ATMs to rapidly shoot out torrents of cash, have been observed across the United States spanning from the Gulf Coast in the southern part of the country to the New England region in the northeast, Matthew O‘Neill, a special agent in the criminal investigations division, told Reuters in an interview.
The spate of attacks represented the first widespread jackpotting activity in the United States, O‘Neill said. Previous campaigns have been spotted in parts of Europe and Latin America in recent years.
“It was just a matter of time until it hit our shores,” O‘Neill said.
Diebold Nixdorf Incand NCR Corp, two of the world’s largest ATM makers, warned last week that cyber criminals are targeting ATMs with tools needed to carry out jackpotting schemes.
The Diebold Nixdorf alert described steps that criminals had used to compromise ATMs. They include gaining physical access, replacing the hard drive and using an industrial endoscope to depress an internal button required to reset the device.
A confidential U.S. Secret Service alert seen by Reuters and sent to banks on Friday said machines running XP were more vulnerable and encouraged ATM operators to update to Windows 7 to protect against the attack, which appeared to be targeting ATMs typically located in pharmacies, big box retailers and drive-thrus.
While initial intelligence suggested only ATMs running on outdated Windows XP software were being targeted, the Secret Service has seen successful attacks within the past 48 hours on machines running updated Windows 7, O‘Neil said.
“There isn’t one magic solution to solve the problem,” he said.
A local electronic crimes task force in the Washington, D.C., metropolitan area first reported an unsuccessful jackpotting attempt last week, O‘Neill said.
A few days later another local partner witnessed similar activity and “developed intelligence” that indicated a sustained, coordinated attack was likely to occur over the next two weeks, O‘Neill said. He declined to say where that partner was located.
Jackpotting has been rising worldwide in recent years, though it is unclear how much cash has been stolen because victims and police often do not disclose details.
]]>https://briefnews.eu/u-s-secret-service-hackers-stole-over-1-million-by-jackpotting-atms/feed/0In a first, US hit by “Jackpotting” attacks that empty ATMs in minutes
https://briefnews.eu/in-a-first-us-hit-by-jackpotting-attacks-that-empty-atms-in-minutes/
https://briefnews.eu/in-a-first-us-hit-by-jackpotting-attacks-that-empty-atms-in-minutes/#respondMon, 29 Jan 2018 20:22:31 +0000http://briefnews.eu/in-a-first-us-hit-by-jackpotting-attacks-that-empty-atms-in-minutes/
For the first time on record, ATMs located in the US are falling prey to jackpotting, an attack in which malicious hardware or software forces the machines to dispense huge amounts of cash to waiting thieves, KrebsOnSecurity reported over the weekend.
Jackpotting has been documented in other countries, but until recently it had never been reported in the US. Citing an unnamed person close to the matter and a confidential alert, reporter Brian Krebs reported on Saturday that the US Secret Service has received credible reports of front-loading ATMs made by Diebold Nixdorf being targeted by so-called cash-out crews. The thieves are carrying out the heists by first getting physical access to the machines and infecting them with malware known as “Ploutus.D.”
“The targeted stand-alone ATMs are routinely located in pharmacies, big box retailers, and drive-thru ATMs,” stated the confidential Secret Service alert sent to financial institutions and obtained by KrebsOnSecurity. “During previous attacks, fraudsters dressed as ATM technicians attached a laptop computer with a mirror image of the ATM’s operating system, along with a mobile device, to the targeted ATM.”
]]>https://briefnews.eu/in-a-first-us-hit-by-jackpotting-attacks-that-empty-atms-in-minutes/feed/0Fintech could be bigger than ATMs, PayPal, and Bitcoin combined
https://briefnews.eu/fintech-could-be-bigger-than-atms-paypal-and-bitcoin-combined-2/
https://briefnews.eu/fintech-could-be-bigger-than-atms-paypal-and-bitcoin-combined-2/#respondSun, 14 Jan 2018 04:35:44 +0000http://briefnews.eu/fintech-could-be-bigger-than-atms-paypal-and-bitcoin-combined-2/BII
This is a preview of a research report from BI Intelligence, Business Insider’s premium research service. To learn more about BI Intelligence, click here.
Fintech broke onto the scene as a disruptive force following the 2008 crisis, but the industry’s influence on the broader financial services system is changing.
The fintech industry no longer stands clearly apart from financial services proper, and is increasingly growing embedded in mainstream finance. We’re now seeing the initial stages of this transformation.
For instance, funding is growing more internationally distributed, and startups are making necessary adjustments to prove sustainability and secure a seat at the table. Most fintech segments in the ascendant a year ago have continued to rise and grow more valuable to the broader financial system. Meanwhile, several fintech categories have had to make adjustments to stay on top. New subsegments are also appearing on the scene — such as digital identity verification fintechs — as new opportunities for innovation are discovered.
Significantly, incumbents are responding more proactively to the rising influence of fintech by making updates to their consumer-facing channels, back-end systems, and overall business operations. Most are realizing that the best way to adapt is to work alongside the fintechs that are transforming the financial services environment, either by partnering with them or acquiring the startups entirely. As fintech’s power grows, incumbents will have no choice but to change in order to stay relevant and competitive. All around, fintech is becoming embedded in mainstream finance.
Maria Terekhova, research analyst for BI Intelligence, Business Insider’s premium research service, has written the definitive Fintech Ecosystem report that looks at the shifts in the broader environment that fintechs operate in, including funding patterns and regulatory trends; examines the adaptations that some of fintech’s biggest subsegments have had to make to secure a foothold in the financial services system; and discusses how the continued rise of the fintech industry is pressuring incumbents to make fundamental changes to their business models and roles. It ends by assessing what a global economy increasingly influenced by innovative fintechs will look like.
Here are some key takeaways from the report:
The fintech industry is far more than a group of digitally native, consumer-centric startups, although they are, in many ways, becoming the new face of financial services. It’s increasingly clear that fintech no longer stands apart from financial services proper, and is morphing into an integral part of the financial system.
To secure their position in the mainstream economy, some of the main fintech subsegments have had to adjust their business models. These include neobanks, robo-advisors, and alt lenders. Other fintech categories, meanwhile, have instead found that current conditions are well suited to their original models, and are seeing largely smooth sailing, like regtechs, insurtechs, and payments fintechs. Innovation and dynamism is still alive in fintech too, with new categories still emerging.
The rising influence of fintechs is having a dramatic effect on incumbents, from banks to insurers to wealth managers, pushing them to respond proactively to stay relevant. Incumbents are reacting to changes wrought by fintechs on three key fronts: the front end, the back end, and in their core business operations. As such, incumbents and fintechs are converging on a digital middle ground.
As this happens, the fintech industry is on the cusp of becoming an integral component of the broader financial services ecosystem. But it will likely first have to go through a complete credit cycle, and survive an economic downturn like the one that set the stage for its arrival in 2008, for this to happen.
In full, the report:
Looks at how the environment in which the fintech industry operates is changing, and what that means for the digitization of financial services.
Gives an overview of the main subsegments within the global fintech industry, and discusses which categories have had to adapt to survive, which have reaped benefits from their original game plans, and which new segments have come to the fore in the past twelve months.
Outlines the adaptations that incumbent financial institutions have begun making to adjust to an economy that’s inevitably shifting to digital, and in which tech-savvy fintechs are increasingly setting the standards.
Discusses what the future of financial services will look like as fintech embeds itself into the financial mainstream.
Interested in getting the full report? Here are two ways to access it:
Subscribe to an All-Access pass to BI Intelligence and gain immediate access to this report and over 100 other expertly researched reports. As an added bonus, you’ll also gain access to all future reports and daily newsletters to ensure you stay ahead of the curve and benefit personally and professionally. >>Learn More Now
]]>https://briefnews.eu/fintech-could-be-bigger-than-atms-paypal-and-bitcoin-combined-2/feed/0Georgia now has over 100 bitcoin ATMs as cryptocurrency interest surges
https://briefnews.eu/georgia-now-has-over-100-bitcoin-atms-as-cryptocurrency-interest-surges/
https://briefnews.eu/georgia-now-has-over-100-bitcoin-atms-as-cryptocurrency-interest-surges/#respondSun, 03 Dec 2017 19:52:18 +0000http://briefnews.eu/georgia-now-has-over-100-bitcoin-atms-as-cryptocurrency-interest-surges/
As bitcoin prices fluctuate near record highs and adoption picks up, the world’s largest bitcoin ATM provider is bringing its largest installation to-date to Georgia. Coinsource has placed 18 of its bitcoin ATMs in Atlanta which, along with 2 in Athens, add 20 new units to Georgia’s current bitcoin ATM network.
Coinsource leadership says the large installation is in response to demand in the region — Georgia is a Top 3 market in the U.S., along with Chicago and New York. Georgia now has over 100 bitcoin ATMs, which can be viewed on this map.
“Atlanta is one of the most mature bitcoin ATM markets in the country so it’s exciting to provide our services to people already showing accelerated adoption of the technology,” Coinsource’s CEO Sheffield Clark said in a statement. “Our goal is to give everyone the equal ability to access bitcoin, particularly in times of record demand, and participate in this soaring new economy.”
Additional ATM providers include Rockitcoin, Athena Bitcoin, Paydepot, and Bitcoin Depot; some of these machines process other cryptocurrencies, such as Ethereum and Litecoin, as well. Clark says Coinsource’s advantage lies in its low fees, which are about half of other operators. The company also provides fee-free transactions for first-time users on the new machines.
The increase in bitcoin ATMs could help transform the cryptocurrency from something users typically hold as an investment — an alternative to a stock or other holding — into what it was originally intended to be, a true form of electronic cash. Today, it’s still difficult to find brick-and-mortar businesses that accept cryptocurrency in exchange for goods.
16 of the Atlanta-based ATMs will allow users to buy bitcoin by verifying their cell phone number, choosing where to send their bitcoin (typically to a bitcoin wallet they already have or a Coinsource bitcoin wallet), and paying with cash.
Four also allow users to sell bitcoin — in other words, exchanging bitcoin directly for cash. That transaction takes about ten minutes, as the machine must confirm the bitcoin on the blockchain.
As of this morning bitcoin prices hovered around $ 11,500, and had a total market cap of over $ 195 billion.
This story originally appeared on Hypepotamus.com. Copyright 2017
]]>https://briefnews.eu/georgia-now-has-over-100-bitcoin-atms-as-cryptocurrency-interest-surges/feed/0Italian bank robbers stole money from dozens of ATMs while wearing Trump masks
https://briefnews.eu/italian-bank-robbers-stole-money-from-dozens-of-atms-while-wearing-trump-masks/
https://briefnews.eu/italian-bank-robbers-stole-money-from-dozens-of-atms-while-wearing-trump-masks/#respondMon, 24 Jul 2017 19:40:17 +0000http://briefnews.eu/italian-bank-robbers-stole-money-from-dozens-of-atms-while-wearing-trump-masks/Two brothers are suspected of robbing dozens of ATMs in Turin, Italy while wearing rubber Trump masks.
]]>https://briefnews.eu/italian-bank-robbers-stole-money-from-dozens-of-atms-while-wearing-trump-masks/feed/0Wells Fargo activates cardless withdrawals for all its ATMs
https://briefnews.eu/wells-fargo-activates-cardless-withdrawals-for-all-its-atms/
https://briefnews.eu/wells-fargo-activates-cardless-withdrawals-for-all-its-atms/#respondThu, 23 Mar 2017 07:10:36 +0000http://briefnews.eu/wells-fargo-activates-cardless-withdrawals-for-all-its-atms/
Wells Fargo’s pilot trial for cardless withdrawals must have gone well, because the bank is rolling out the feature to all of its 13,000 ATMs across the country. The company debuted the feature in select ATMs earlier this year. Starting on March 27th, though, you can withdraw cash from any of the bank’s machines using only your smartphone. You’ll have to request an eight-digit code from the Wells Fargo app to punch into the machine along with your PIN code every time you want to withdraw money. Take note, however, that the code can only be used once and won’t be enough to open some branches’ secure doors during non-business hours — you’ll still need your card for that.
“Security certainly was a big aspect of the cardless feature and the two-step identification helps reduce the risk of fraud,” Jonathan Velline, Wells Fargo’s head of ATM, said. He added that the mobile transactions will prevent scammers from skimming customers’ cards, as well. The company said it plans to roll out an update later this year that will make the process even easier. When that feature arrives, you won’t even have to request a code: you’ll only have to hold up your phone to a reader on the machine to get your money.
]]>https://briefnews.eu/wells-fargo-activates-cardless-withdrawals-for-all-its-atms/feed/0Fintech could be bigger than ATMs, PayPal, and Bitcoin combined
https://briefnews.eu/fintech-could-be-bigger-than-atms-paypal-and-bitcoin-combined/
https://briefnews.eu/fintech-could-be-bigger-than-atms-paypal-and-bitcoin-combined/#respondWed, 22 Feb 2017 13:04:26 +0000http://briefnews.eu/fintech-could-be-bigger-than-atms-paypal-and-bitcoin-combined/Thomson Reuters
We’ve entered the most profound era of change for financial services companies since the 1970s brought us index mutual funds, discount brokers and ATMs.
No firm is immune from the coming disruption and every company must have a strategy to harness the powerful advantages of the new fintech revolution.
The battle already underway will create surprising winners and stunned losers among some of the most powerful names in the financial world: The most contentious conflicts (and partnerships) will be between startups that are completely reengineering decades-old practices, traditional power players who are furiously trying to adapt with their own innovations, and total disruption of established technology & processes:
Traditional Retail Banks vs. Online-Only Banks: Traditional retail banks provide a valuable service, but online-only banks can offer many of the same services with higher rates and lower fees
Traditional Lenders vs. Peer-to-Peer Marketplaces: P2P lending marketplaces are growing much faster than traditional lenders—only time will tell if the banks strategy of creating their own small loan networks will be successful
Traditional Asset Managers vs. Robo-Advisors: Robo-advisors like Betterment offer lower fees, lower minimums and solid returns to investors, but the much larger traditional asset managers are creating their own robo-products while providing the kind of handholding that high net worth clients are willing to pay handsomely for.
As you can see, this very fluid environment is creating winners and losers before your eyes…and it’s also creating the potential for new cost savings or growth opportunities for both you and your company.
After months of researching and reporting this important trend, Sarah Kocianski, senior research analyst for BI Intelligence, Business Insider’s premium research service, has put together an essential report on the fintech ecosystem that explains the new landscape, identifies the ripest areas for disruption, and highlights the some of the most exciting new companies. These new players have the potential to become the next Visa, Paypal or Charles Schwab because they have the potential to transform important areas of the financial services industry like:
Retail banking
Lending and Financing
Payments and Transfers
Wealth and Asset Management
Markets and Exchanges
Insurance
Blockchain Transactions
If you work in any of these sectors, it’s important for you to understand how the fintech revolution will change your business and possibly even your career. And if you’re employed in any part of the digital economy, you’ll want to know how you can exploit these new technologies to make your employer more efficient, flexible and profitable.
BII
Among the big picture insights you’ll get from The Fintech Ecosystem Report: The Emerging Technologies and Firms Driving Change in Financial Services and How Legacy Players Can Navigate The Disruption:
Fintech investment continues to grow. After landing at $ 19 billion in total in 2015, global fintech funding had already reached $ 15 billion by mid-August 2016.
The areas of fintech attracting media and investor attention are changing. Insurtech, robo-advisors, and digital-only banks are only a few of the segments making waves. B2B fintechs are also playing an increasingly prominent role in the ecosystem.
It’s not all good news for fintechs.Major hurdles, including customer acquisition and profitability, remain. As a result, many are becoming more willing to enter partnerships and adjust their business models.
Incumbents are enacting strategies to ensure they remain relevant.Many financial firms have woken up to the threat posed by fintechs and are implementing innovation strategies to stave off disruption. The majority of these strategies involve some interaction with fintech firms.
The relationship between incumbents and fintechs continues to evolve. Fintechs are no longer viewed exclusively as a threat, nor can they be ignored. They are increasingly viewed as partners, but that narrative alone is too simple — in reality, a more nuanced connection is taking hold.
This exclusive report also:
Assesses the state of the fintech industry.
Gives details on the drivers of its growth.
Explains which areas of fintech are gaining traction.
Outlines the range of current and potential models for fintech and incumbent interaction.
The Fintech Ecosystem Report: The Emerging Technologies and Firms Driving Change in Financial Services and How Legacy Players Can Navigate The Disruption is how you get the full story on the fintech revolution.
To get your copy of this invaluable guide to the fintech revolution, choose one of these options:
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The choice is yours. But however you decide to acquire this report, you’ve given yourself a powerful advantage in your understanding of the fast-moving world of financial technology.