In “smash and grab” operations, a hacker group called Cobalt targeted ATMs in more than a dozen countries across Europe.
They are reported to have remotely attacked ATMs using software, which manipulated the systems to dispense cash.
According to Russian cybersecurity firm Group IB, the countries targetted severly include Poland, Romania, Russia, Spain, the United Kingdom, Armenia, Belarus, Bulgaria, Estonia, Georgia, Kyrgyzstan, Moldova, Malaysia and the Netherlands.
Talking to Reuters, Dmitry Volkov, Group IB threat intelligence head, told that he expected more online ATM fraud in the future.
Hackers have moved from stealing payment card numbers and online banking credentials to more lucrative hacks on bank networks, giving them access not only to ATM machines, but also to electronic payment networks.
The Hacking group Cobalt is believed to have link with well-known cyber crime syndicate called Buhtrap, which in between August 2015 and January 2016, stole over $28m from Russian banks.
However the technique used by Cobalt is ATM Jackpotting which is different from the technique that Buhtrap had used in latter times.
Group IB Researchers declined to name banks that were “jackpotted,” a term used to describe forcing ATMs to spit out cash
The disclosures about the latest hacking spree follow similar ATM hacks in Taiwan and Thailand, which saw hackers steal over £260,000 from Thailand’s Government Savings Bank (GSB).