As ATM centers are increasing day-by-day, banks are getting frustrated and are trying every possible move to get rid of ATM hackers.
Considering the ATM hacking issue, IBM cybersecurity centers have taken an initiative to find the solution for ATM Hacking. No doubt about it that ATM provides us with cash quickly by deducting the entered amount from our bank account. But now it is not safer for the account holders to draw cash from ATM. So, it’s always a better practice to recheck properly if in case any cameras or skimmers are in operation before inserting debit/credit card into the machine in cities.
Cameras are very good at capturing your entered PIN and skimmers have the capability to hold basic card data. With the help of these two cybercriminals can hack your bank account and can steal your money easily.
It’s true that no matter whatever we do for our safety, it’s not always enough. This kind of criminal activities not only hampers consumers but sometimes the victim can be an institution, shoppers, or any other crowded area etc. Cybercriminals can also target the ATM machine itself instead of targeting an individual’s account.
It’s not new that ATM is physically targeted called Jackpotting. It is also known as a black box attack. Cybercriminals drills and damages the front part of ATM machines which helps them to get access to the network and system.
There are roughly around 300 million ATM machines operated worldwide and are far behind in using the latest operating system, applications and more, which make banks to compromise with a simple patch link or with USB stick installed with malware. Criminals are using logic attacks and malware including Ploutus.D malware to attack ATM’s.
ATMs can be labored to eject cash uncontrollably as soon as the threat actor establishes the connection and stunts the machine. This makes the machines compromise and can be controlled remotely by the criminals in a later phase when the consumers want to grab the cash.
Jackpotting has reached as serious problem to various parts worldwide started from Mexico to the US. Now, this has become a major issue for banks.
In order to resolve this issue, IBM has started X-Force Red Labs. It comes with four facilities to test and enhance the security of devices including ATMs.
IBM has given response for enhancing security majors for various financial transactions machines. IBM stated that the facilities will be based in Austin, TX; Hursley, England; Melbourne, Australia, Atlanta and GA at the Black Hat conference held in Las Vegas on Monday. It has also included a dedicated ATM test practice. The facilities may be launched by the end of this year.
Since 2017, IBM’s X-Force Red cybersecurity and penetration testing team has experienced around a 300 percent increase in ATM testing requests. This team will now operate the centers to resolve the issue.
“There are many financial institutions who are running with dated operating systems on various financial machines and those cannot be sufficiently patched to toughen the devices”. So, “Financial institutions should address the vulnerabilities before a criminal tries to find its access”, IBM says. This will prevent them from future problems.
IBM workforce team will work on the uncovered security vulnerabilities and loop false by reviewing the physical protections of ATMs, its networks and security for the computer system by hacking into the machines before any threat actor rushes. The X-Forced Red will also suggest improving the security measures to be taken on the ATM side.
In addition to this, X-Force Red will offer recommendations to improve ATM security to ensure compliance with financial standards such as the Payment Card Industry Data Security Standard (PCI DSS). Besides these, it will also test, consumers and industrial technologies and their automotive devices.