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.

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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.).