1 Million dollar hacked in 60 Seconds from Citibank

FBI have arrested 14 people over the theft of  $1 million from Citibank using cash advance kiosks at casinos located in  Southern California and Nevada.
Authorities say the suspects would open  accounts at Citibank, then go to casinos in California and Nevada and withdraw  the money from cash-advance kiosks as many times as they could in a 60-second  span. Someone had figured out that a glitch prevented Citibank from recording  the extra withdrawals.

FBI agents assisted by the Glendale Police  Department and the Los Angeles Police Department arrested 13 of the defendants  in the Los Angeles area Wednesday and Thursday.

The suspects used the money to gamble and were  given comped hotel rooms because of the amount they were spending, according to  the FBI. Withdrawals were kept under $10,000 to avoid federal transaction  reporting requirements, the FBI release read.
FBI Special Agent in Charge Daphne Hearn  commented, “While advancements in technology have created a world of  accessibility to users and a convenience for consumers, they have also left room  for criminals to exploit even the smallest of loopholes. For over 100 years the  FBI has kept pace with technological and communication changes in the business  world where these types of electronic transactions are the standard and we will  continue to do so in order to help protect commercial enterprise and our  nation’s economy.
Prosecutors said the suspects allegedly  withdrew about $1 million during an eight-month period. FBI agents said the  loophole in the Citibank system has now been closed.

About Author:

Photo-Mohit+(Mobile)Mohit Kumar  aka ‘Unix Root’  is Founder and  Editor-in-chief  of ‘The Hacker News’. He is a Security  Researcher and Analyst, with experience in various aspects of Information  Security. His editorials always get people thinking and participating in the new  and exciting world of cyber security. Other than this : He is an Internet  Activist, Strong supporter of Anonymous & Wikileaks. His all efforts are to  make internet more Secure. Follow him @ Twitter | LinkedIn |   Google | Email

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Categories: Hmmm?, Technology

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