Bank of Muscat and Rakbank victims of cyber heist
Issue 947
- 24 May 2013
| 4 minute read
Two Gulf banks – Bank of Muscat in Oman and Rakbank in the UAE – were the victims of a brazen global $45m cyber-heist, when hackers accessed the systems of their card-processing companies and used the data to withdraw millions of dollars from cash machines around the world. The highly co-ordinated attack – which involved harvesting pins, erasing withdrawal limits and encoding the magnetic strips on dummy cards – saw so-called casher cells swoop on ATMs in more than 20 countries in just a few hours. A total of nine people – seven in the US and two in Germany – have so far been arrested, but the hackers themselves remain at large.
Don't have an account?
Register for access to our free content
An account also allows you to view selected free articles and set up news alerts.
Register