The business models behind ATM malware empires
The criminal gangs behind the world’s most successful ATM malware attacks run their million-dollar empires like cutthroat business executives, according to newly published research from the European Union law enforcement agency Europol and the cybersecurity firm Trend Micro. In the last decade, organized crime groups originating mostly from two hotspots, Latin America and Eastern Europe, have waged an effective and evolving war against the cash-filled boxes that are the cornerstone of more than $10 billion in annual withdrawals, the researchers say. Some syndicates hold onto their malware for exclusive use, while others resell to smaller gangs willing to do the physical legwork. A single weekend’s spree can result in thousands or millions of dollars in stolen cash. Hackers execute physical and network-based attacks against ATMs to steal money from both banks and customers in campaigns that can take years to sniff out. Analyzing a decade’s worth of ATM hacking, the researchers focused on business models that […]
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