250 views 0 comments

Latin America Sees an Improved Approach to ATM Jackpotting

by on October 7, 2017

Bank ATMs continue to attract a lot of criminals as of late. Especially in Latin America, things are going from bad to worse. A lot of local underground hacking forums focus on automated teller machines. Coming up with more effective ways to steal money is not all that easy, mind you. Using brute force is no longer an acceptable method, by the look of things. An interesting yet worrisome turn of events, that much is certain.

Latin America is a peculiar region in the world of finance. A lot of countries are struggling financially. Hyperinflation is a major issue in most regions in this part of the world. People are getting desperate for money, and they often resort to crime in this regard. ATM Jackpotting is slowly evolving in Latin America, that much is certain. Using brute force is no longer the preferred method.

ATM Attacks are on the Rise in Latin America

After all, using dynamite to blow up an ATM is not exactly inconspicuous. New ways have to be found in this regard, but that is much easier said than done. The local underground forums certainly highlight there are some big changes on the horizon. Latin American criminals are publicly asking for help and tips to breach ATMs. Moreover, these criminals are also visiting Russian and other Eastern European forums for more information. Especially ATM malware has become a lot more popular as of late, which is on par with the rest of the world.

Kaspersky Lab researchers explain the situation as follows:

“Eastern European hackers are leading the way in creating malware for ATMs, with Latin American hackers right behind. They’re investing in, or learning how to write, ATM malware from scratch, the researchers said. Sometimes they’re penetrating bank networks to conduct remote attacks, but more often than not, these attacks require physical access to an ATM. That means,  loading malware from a USB stick, CDs (on older ATMs) or plugging in a USB keyboard in order to access the backend of one of these machines.”

Although this may sound complicated, it is a very efficient way to empty ATMs these days. Criminals can effectively determine how much money they want to take from machines. Moreover, these actions can be completed in broad daylight without any major repercussions. Given the growth of the ATM malware industry, this trend is not entirely surprising. Latin America is a region prone to cybercrime, just like any other. However, things are evolving in the wrong direction, that much is rather evident.

Header image courtesy of Shutterstock

Enjoyed this article?

If you liked this article, sign up for the newsletter on the main page, and make sure to follow Fintechist on Twitter! and Facebook

Be the first to comment!
Leave a reply »


Leave a Response