As if credit union did not have to enough to worry about now the Secret Service is warning financial institutions of robbers remotely commanding ATMs to spew out cash on command.

It's called jackpotting, a scheme where installed malicious software and/or hardware at ATMs induces the machines to spit out cash to fraudsters at a rate of 40 bills every 23 seconds.

Brian Krebs, in his blog KrebsOnSecurity, noted jackpotting has long threatened European and Asian banks, but the U.S. Secret Service started warning financial institutions of attacks targeting cash machines in the U.S.

Complete your profile to continue reading and get FREE access to CUTimes.com, part of your ALM digital membership.

  • Critical CUTimes.com information including comprehensive product and service provider listings via the Marketplace Directory, CU Careers, resources from industry leaders, webcasts, and breaking news, analysis and more with our informative Newsletters.
  • Exclusive discounts on ALM and CU Times events.
  • Access to other award-winning ALM websites including Law.com and GlobeSt.com.
NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

Roy Urrico

Roy W. Urrico specializes in articles about financial technology and services for Credit Union Times, as well as ghostwriting, copywriting, and case studies. Also: writer/editor of a semi-annual newsletter for Association for Financial Technology since 1997 and history projects funded by the U.S Interior Department, National Park Service and Warren County (N.Y.).