Biggest Cyber Banking Heist Hits Over 60 Banks Worldwide

Speaking of hacking, over 60 banks suffered from a recent grand scale cyber banking heist.

According to Sky News

Sixty million euro has been stolen from bank accounts in a massive cyber bank raid after fraudsters raided dozens of financial institutions around the world.

According to a joint report by software security firm McAfee and Guardian Analytics, more than 60 firms have suffered from what it has called an "insider level of understanding".

"The fraudsters' objective in these attacks is to siphon large amounts from high balance accounts, hence the name chosen for this research - Operation High Roller," the report said.

"If all of the attempted fraud campaigns were as successful as the Netherlands example we describe in this report, the total attempted fraud could be as high as 2bn euro (£1.6bn)."

The automated malicious software programme was discovered to use servers to process thousands of attempted thefts from both commercial firms and private individuals.

The stolen money was then sent to so-called mule accounts in caches of a few hundreds and 100,000 euro (£80,000) at a time.

Credit unions, large multinational banks and regional banks have all been attacked.

As the the world becomes more interconnected, the cyber space has become ground zero for all sorts of attacks. This includes governments (like Flame and Stuxnet) and all sorts of hackers with different missions, e.g. Wikileaks, Anonymous, Drone hackers, cyber robbers and etc…. Interesting.

Students Hack US Drone

From RT.com, (hat tip Bastiat Institute) [Italics original]

There are a lot of cool things you can do with $1,000, but scientists at an Austin, Texas college have come across one that is often overlooked: for less than a grand, how’d you like to hijack a US government drone?

A group of researchers led by Professor Todd Humphreys from the University of Texas at Austin Radionavigation Laboratory recently succeeded in raising the eyebrows of the US government. With just around $1,000 in parts, Humphreys’ team took control of an unmanned aerial vehicle operated by the US Department of Homeland Security.

After being challenged by his lab, the DHS dared Humphreys’ crew to hack into their drone and take command. Much to their chagrin, they did exactly that.

Humphrey tells Fox News that for a few hundreds dollar his team was able to “spoof” the GPS system on board the DHS drone, a technique that involves mimicking the actual signals sent to the global positioning device and then eventually tricking the target into following a new set of commands. And, for just $1,000, Humphreys says the spoofer his team assembled was the most advanced one ever built.

“Spoofing a GPS receiver on a UAV is just another way of hijacking a plane,” Humphreys tells Fox. The real danger here, however, is that the government is currently considering plans that will allow local law enforcement agencies and other organizations from coast-to-coast to control drones of their own in America’s airspace.

“In five or ten years you have 30,000 drones in the airspace,” he tells Fox News. “Each one of these could be a potential missile used against us.”

I guess that with “30,000 drones in the airspace” encroaching on people’s privacy, drone hackers will be in big demand.