FBI Issues Confidential Alert to Financial Institutions

20/08/2018 15:26:22
Look Out – ATM Focused Cyber Attack is Coming 

Close on the heels of last weeks malware attack on Cosmos Bank where the cyber criminals made off with $13.5 million dollars in a little under two hours by targeting ATM machine “switching systems,” the FBI issued an urgent warning to global financial institutions regarding an impending “cashout” cyber-attack targeting ATM machines. 

“The FBI has obtained unspecified reporting indicating cyber criminals are planning to conduct a global Automated Teller Machine (ATM) cash-out scheme in the coming days,” reads the warning. “The FBI expects the ubiquity of this activity to continue or possibly increase in the near future.”  The confidential FBI report goes on to say, “Historic compromises have included small-to-medium size financial institutions, likely due to less robust implementation of cyber security controls, budgets, or third-party vendor vulnerabilities.”

Cybergangs could potentially remove maximum ATM withdrawal amounts and transaction limits on ATM machines. In addition to withdrawing cash they could alter balances, make large transfers and create fraudulent copies of cards. 

“Cashout” operations like the one perpetrated on Cosmos Bank are normally executed on weekends when banks and financial institutions are closed. The FBI normally prefers not to issue blanket warnings because of the potential of tipping off the cyber criminals to their investigation. They’ve broken protocol this week because of the potential seriousness of the impending attack. 

In 2015 China UnionPay surpassed VISA to become the world's largest bank card clearing organization. UnionPay serves as the core and hub of China's bank card industry. Sangfor Technology developed solutions like NGAF and IAM have been deployed by UnionPay to protect the integrity of their business and the financial security of their millions of customers. 

Sangfor Next-Generation Firewall (NGAF) was installed at UnionPay to provide L2-L7 comprehensive defence for the office and external services. NGAF protects and allows UnionPay to quickly react to any APT, mining or malware attacks.

Sangfor Internet Access Management (IAM) is a second line of proactive defence for UnionPay which allows them to monitor employee and internet behaviour, screen malicious URL’s carrying viruses or Trojans and ensures the security of internal terminals. 

The UnionPay IT team says “SANGFOR’s Next-Generation Firewalls have been capable of ensuring stable running while enabling all protection policies since being launched online. In addition, in practical operation, the products features easy operation and intuitive interfaces, in particular, the security reports can really provide effective risk warning and basis for the optimization of the security strategies, thus greatly reducing the workload of our operation and maintenance personnel.”

About Sangfor
Founded in 2000 and a publicly traded company as of 2018 (SANGFOR STOCK CODE: 300454 (CH)) Sangfor Technologies is the global leading vendor of IT infrastructure solutions specializing in Cloud Computing and Network Security. For more information about Sangfor NGAF or IAM protection for banking and securities institutions, please visit our website http://www.sangfor.com 

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