Hackers used phishing emails to break into a Virginia bank in two separate cyber intrusions over an eight-month period, making off with more than $2.4 million total. Now the financial institution is suing its cybersecurity insurance provider for refusing to fully cover the losses.
Some financial instutitions are now offering so-called “cardless ATM” transactions that allow customers to withdraw cash using nothing more than their mobile phones. But as the following story illustrates, this new technology also creates an avenue for thieves to quickly and quietly convert stolen customer bank account usernames and passwords into cold hard cash. Worse still, fraudulent cardless ATM withdrawals may prove more difficult for customers to dispute because they place the victim at the scene of the crime.