The ATM Cash-Out Scheme and Countering Financial Cybercrime

On August 10, 2018, the FBI warned financial institutions of a global ATM cash-out scheme they believed would occur within the next few days. Despite this advanced warning and additional details shared—the cybercriminals were able to launch a seven-hour attack on August 11, cashing out $11.5 million from ATMs located in 29 countries. Two days later, the criminals were able to move an additional $2 million
out via the SWIFT payment network. Reportedly, malware was installed at Cosmos Bank in India that authenticated the fraudulent withdrawal requests.