ATM Cyber Heist In Japan Targets C-Stores Nets 127 Million In 3 Hours

TOKYO -- A massive, coordinated attack on ATMs located in convenience stores here drained ¥1.4 billion ($12.7 million) from some 1,400 machines, Japanese newspapers reported. Cybercriminals used counterfeit credit cards programmed with stolen account data from a South African bank.

Japanese investigators believe that the theft took place on May 15, a Sunday, between the hours of 5 a.m. and 8 a.m. ATMs were targeted in Tokyo and 16 other prefectures in Japan. The effort allegedly included more than 100 thieves and some 14,000 transactions (about 10 per machine) during the three-hour period. Each of the transactions using the bogus cards was for the maximum withdrawal of ¥100,000 ($900).

Newspapers reported that the Standard Bank in South Africa has acknowledged the robbery and estimated its total losses at around $19 million. "This involved the withdrawal of cash using a small number of fictitious cards at various ATMs in Japan," the bank said in a statement.

Banking industry experts are saying the May incident in Japan is the single largest attack of its kind on ATMs. It was significant for the degree of coordination required to pull it off.

SOURCE: The Japan Times