Bank Cyber-Thieves Get Clever With New Overdraft Technique

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A cyber-criminal gang has stolen over $40 million from Eastern European banks using a clever new technique that combines hacking the bank’s network, the manipulation of overdraft limits, disabling fraud alerts, and mass ATM withdrawals.

The heists are some of the most sophisticated bank robberies to date, on par with the SWIFT hacks that hit several banks last year.

The attacks have been happening since March this year, according to a report released yesterday by Trustwave SpiderLabs.

Attackers targeted banks with poor security measures

Brian Hussey, vice president of cyber threat detection and response at the SpiderLabs told Bleeping Computer the attacks aren’t the work of lone hackers, but of a well-organized international crime syndicate.

Hussey says his company investigated heists at five different banks in post-Soviet countries. Attackers made off with sums between $3 million and $10 million per bank, for a total of over $40 million.

“We only

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