Worldwide ATM hack could see millions withdrawn from banks in major operation, warns FBI

atm-hack-fbi-cash.jpg

An attack on cash machines around the world could be imminent (Getty Images/iStockphoto)

 

Agency warns banks of an imminent ‘cashout’ attack by gangs of criminals on cash points around the world

Cyber criminals are planning a highly-coordinated attack on cash machines around the world that could see millions of dollars withdrawn from customer bank accounts, the FBI has warned. Continue reading

Cash Is Falling Out of Fashion – Will It Disappear Forever?

 

On June 27, the ATM turns 50. Former US Federal Reserve Chairman Paul Volcker once described it as the “only useful innovation in banking.” But today, the cash that ATMs dispense may be on the endangered list.

Cash is being displaced in so many ways that it’s hard to keep track. There are credit cards and electronic payments; apps such as Venmo, PayPal and Square Cash; mobile payments services; cryptocurrencies that operate outside the purview of central banks; and localized offerings such as Kenya’s mPesa, India’s Paytm and Bangladesh’s bKash. These innovations are encouraging cashlessness across communities worldwide.

It’s reasonable to expect cash to follow the path of other goods that have been replaced by digital alternatives, such as photos, music, and movies. Will cash – and the ATMs that dispense it – experience a “Blockbuster” moment and disappear from our neighborhoods? Continue reading

Money withdrawn from accounts belonging to MH370 passengers

The Mirror reports that accounts from four passengers were accessed from an ATM in Kuala Lumpur on July 18. A total of more than 111,000 Malaysian ringgit (AU$37,464) was withdrawn, bank authorities said.

Continue reading