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FBI warns banks of global fraud ATM cash-out in coming days

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The Federal Bureau of Investigation (FBI) of the US has issued a warning to the banks that the cybercriminals are planning to conduct a global fraud scheme called ATM cash-out.

The FBI confidential alert read, ‘cyber criminals are planning to conduct a global Automated Teller Machine (ATM) cash-out scheme in the coming days, likely associated with an unknown card issuer breach and commonly referred to as an unlimited operation.’, Krebs on Security reported.

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The ATM cash-out process

In this fraudulent process, the hackers use a cloned card at cash machines around the world to transfer money.

The alert added that the hackers will place a malware to eliminate multiple security and fraud controls implemented by the financial institutions to remove all limits on transactions.

Furthermore, the crooks are able to change account balances and other security firewalls. In turn, this allows unlimited funds to be available during ATM cash-out transactions.

The cloned cards used in these transactions are made by procuring stolen card data. Following this, the details are printed on reusable magnetic strip cards.

These new illegitimate cards are used at appropriate time by the crooks.

Most of these ATM cash-out operations are carried out at the weekends when the banking and financial institutions are closed.

The fraudsters are also said to target the small and medium sized institutions. Usually, these have lesser cyber security controls and are prone to phishing and cyber attacks.

In this situation, FBI has requested all the banks to evaluate the performance of their security systems. If needed, the response is to implement proper authentication measures as required to tackle the cyber threat.

The advisory also calls for an implementation of a dual authentication procedure. This is to be used if the amount of withdrawal increases above a specified threshold

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Finance

Expect sack over N30,000 minimum wage -Governors warns

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Nigerian governors have rejected the proposed increase of N30,000 minimum wage,  unless the organised labour wants its members to be sacked.



Adding that, the 36 States rejected it because they will run bankrupt if they accept to pay the workers that amount. 

On Wednesday, The chairman of the Nigeria Governors’ summon its members on emergency meeting in Abuja calling on the Federal Government to agree to their demand by reviewing the national revenue allocation formula.

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The chairman, Alhaji Abdulaziz Yari of Zamfara State, told the newsmen that a new committee would be raised to meet with President over this issue.

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The committee members who are nominated to meet with President Muhammadu Buhari includes governor of Enugu,Bauchi,Akwa Ibom,Plateau,Kebbi,Lagos and Kaduna.

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Yari said, he hopes the committees engagement with  President will make everybody happy if an agreement is reached.

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Crime

Police arrests 19 year old in possession of human parts.

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A 19-year-old man, Sunday Owo, was on Thursday apprehended with fresh human parts at a healing home in Awka, Anambra State.

Owo was caught with genital organs, fingers and blood-filled bottle of a child suspected to have been killed by the man.



The suspect, who was apprehended at the instance of the Proprietor of the healing home, Mrs Ifeanyichukwu Ilonzo, told reporters that he hailed from Ohaukwu in Ebonyi.

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He said he was asked by one Blessing to get the human parts and bring them to a natural healing home in Awka for money ritual.

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He said that he paid Blessing N50, 000 for connecting him to the healing home.

Owo confessed that the victim whose parts he had was about four years and that he killed him in a stream in his town and threw the head and other parts into the stream.

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