Hackers are planning on stealing millions of dollars from account holders at “small to medium size banks” by cloning their debit or ATM cards, according to a report by the cyber security blog Krebs on security .
The blog notes that the FBI has warned banks about this scheme, known as an “unlimited ATM cashout.”
Cyber security experts warn that small to medium sized banks are most at risk due to their more lax IP security systems. The FBI issued a confidential alert to banks last Friday warning of the plan for attack.
This is a well known scheme that, when implemented over weekends, is virtually unstoppable. The hackers break into bank systems, clone cards, and begin withdrawing cash.
Keep an eye on your bank balance to look for fraudulent activity.