NEWS FROM THE LAB - Wednesday, February 4, 2009

Nine Million Dollar Bank Heist Posted by Response @ 15:04 GMT

How much money is lost due to online crime?

It's a question that we're frequently asked about and it can be challenging to provide a really good answer…

It's an underground economy, it's big, it's global, and no one organization can really understand the true costs without extensive amounts of research and cooperation. And victims don't always (for quite valid reasons) want to cooperate.

But how much is it?

Wired has an excellent post about a nine million dollar ATM hack bank job, with video from FOX:

Wired: Kevin Poulsen, Global ATM Caper

It probably says something that we're not surprised by stuff like this anymore.

And while nine million dollars is definitely a very impressive amount of cash to steal during a single coordinated attack, based on the conversations we've had with banking industry insiders, that's certainly just the smallest tip of the overall iceberg.