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-- -- here in New York under arrest for allegedly taking part in what prosecutors say could be the largest bank heist in history.
Million dollar robbery that did not involve a single weapon.
Took just hours to pull it all off according to defense these first hacked into a database prepaid debit cards eliminated the withdrawal limits and then.
They reportedly loaded that data on to the magnetic strips of thousands of bogus cards and then.
Highly coordinated operation hundreds of these in dozens of countries.
Went to ATMs after ATM and withdrew as much money as -- can -- In fact the -- say -- here in Manhattan literally walked down Broadway -- it every single bank along the way.
But this now is up partner and -- co chair of cyber security at and -- LLP Jamie Barnett also.
Former chief of the SEC's public safety and Homeland Security bureau as well those former rear admiral.
In the US navy sir thanks so much for being -- -- it's astonishing 36000.
In two operations over -- a matter of hours in New York alone.
They hit 3000.
ATM machines in ten hours.
Are you surprised.
At the sophistication.
-- -- think everybody would be surprised -- it would have been anticipated in blocked and and while it was carried off in a very concise and and well orchestrated plan I mean it reads like -- a detective novel or ocean's eleven -- But the more alarming part of it is that -- played out over several months of planning.
With the the actions that were done in December and then again in February.
And so it raises eight a new.
Bar of concern but with regard to what cyber criminals -- -- -- can do.
-- I don't want to put up on the screen how they did it in sort of bullet point form because there's two red flags there.
-- ago they hacked into the credit card processing companies two of them.
They eliminated withdrawal limits they created access cozying -- -- stolen data on magnetic strip cards then of course had a cash cruise.
Make 36 -- and out withdrawals but the two things that big jump out that you are.
Hacking in to these.
Processing card companies are they just too vulnerable.
We know I would say that our financial industries all pay attention to cyber security but the fact of the matter is there are blunder village across the board.
Every one of these companies has a great C -- chief information security officer.
But about social engineering and a number of other ways to give Mallory and they can get inside.
So the thing that you can be sure of right now is that the executive suites in the boardrooms across the nature asking.
What kind of pattern recognition can we put the end to make sure that this doesn't happen again even if they do.
And so you know the other thing is if they just produce these cars with magnetic strips.
Does that tell you that perhaps banks and merchants now need to abandon those magnetic strip cards in favor of -- -- Chips which your.
Really really hard to steal.
-- you're you're exactly right in this matter of fact the industry is in that type of transition now which is what we call mobile payment it's already happening.
You could pale for a lot of things with your mobile phone right -- Smartphone.
And actually those types of things or more secure because there's indicating correction.
So as we move into this world of mobile payments we actually may see either the mag car trips start for your receipt and in more security -- But we always have to be -- This.
Vigilant against the breaking -- of the big data and that's where the real crime occur.
And what's amazing is no individuals lost money because they stole from funds held by banks that back up the prepaid credit cards but in the end.
You know that may get passed on to consumers thanks so much for being with us Jamie -- activists here.
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