HEISTSIn 2008, Roman Seleznev, a hacker, stole $9 million (Sh909 million) from 2,100 ATM machines across the globe through accomplices he had recruited online. That the heists have been happening for so long with few changes in the modus operandi suggests an inability, or unwillingness, to learn from history. Essentially, what the financial sector is dealing with is a combination of two types of crime: unlimited operation and ATM jackpotting. FRAUDAn unlimited operation requires the fraudsters to steal, or otherwise clone, debit cards issued to a bank’s customers. The name “unlimited operation” comes from the fact that the cards are unlimited in how much they can withdraw.

Source: Daily Nation May 16, 2019 04:07 UTC