IT Wiser

It has been reported that cyber-attacks have been affecting banks in former soviet states, it’s been estimated that it has resulted in losses of $100m.

Security researchers from security firm Trustwave have reported that criminals are using mules to open accounts with fake information. Once the account has been setup and it’s in play the hackers then obtain unauthorised administrator access, then they break into the network of third party processors.

The hackers will mainly target access to card management systems before activating overdraft facilities. Once the hackers have activated these overdrafts the mules can then withdraw money from the accounts and run up huge debts. The banks will find it very hard to trace these people as the information is fake and not real or legitimate.