Russian cyber-hooligans said to be organizing a ‘mega heist’ of US banks

According to Quartz security firm RSA says that its threat analysts have picked up “underground chatter” indicating that a sophisticated gang of Russian cyber criminals is laying plans to launch an offensive against 30 US banks. Says RSA: “If the gang’s plans do materialize, this campaign could be the largest coordinated attack on American financial institutions to date.” Here’s the breakdown:

1. This gang has done it before. The group claims to have stolen $5 million from American bank accounts since 2008. Their methods are complicated, but the results straightforward: once they have access to a bank account, they siphon off money through wire transfers to overseas accounts. Over the past few years, millions of dollars have been stolen this way, mostly from small businesses, school districts and local governments.

2. American banks are particularly vulnerable targets. Most American banks require nothing more than a password to access an account. In Europe, by contrast, almost all banks use a much more secure, “two factor authentication” process.

3. The gang has a massive network of infected “zombie” PCs at the ready.  These days, it’s not enough to launch cyber attacks from whatever computers happen to belong to you. Gangs use “botnets” to accomplish their nefarious deed, whether they are shutting down websites or sending email spam. Botnets consist of up to hundreds of thousands of internet-connected PCs that have been infected with programs allowing complete control over the compromised devices….

Read all about it at http://qz.com/12747/russian-cyber-criminals-said-to-be-organizing-a-mega-heist-of-us-banks/