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Financial institutions need to take extra caution as digital crimes show tremendous spike
With two Middle Eastern banks hit for $45m in a recent heist, banks will be well-advised to double security efforts to stay one step ahead of persistent cyber crooks.

May 16, 2013 | Wendy Weng

A recent bank heist saw a global cyber crime ring net an unprecedented $45 million from bank ATMs in 27 countries over two separate attacks. Currently charged by US federal prosecutors, the eight hackers allegedly involved in the heist penetrated the computer system of a credit card processor in India in December 2012. They raised the available balance and withdrawal limits on prepaid MasterCard debit cards issued by United Arab Emirates-based National Bank of Ras Al-Khaimah (RAKBANK) and stole prepaid debit card data for counterfeiting purposes, before proceeding to withdraw around…

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Categories: Operational Risk & Security, Technology & Operations
Keywords: RAKBANK, Bank of Muscat, Loretta Lynch, Cyber Security
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