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$45 Million Cyber-Heist Reflects Broader Security Problems for Prepaid Industry
By Colby Adams
printThe theft of $45 million by cybercriminals exploiting and manipulating stolen prepaid card data highlights weaknesses in how financial institutions monitor the use of stored value products, say security experts. In a May 9 indictment, federal prosecutors disclosed that a group of cybercriminals accessed an India-based processor for UAE-based Rakbank in December, removed the loading limits of five prepaid MasterCard debit accounts and increased their balances to millions of dollars. The hack allowed the group to withdraw nearly $5 million from thousands of ATM machines within hours. Two months later, the group struck again by distributing the PIN numbers of...
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