The 8 Steps Behind The Massive $45M Cyber Bank Heist


Seven men face charges for their role in a massive credit card fraud ring that drained more than $45 million from bank accounts in what some say could be the largest bank robbery in history. Instead of masks and weapons, the attackers used computers and malware, stealing debit cards associated with banks in the United Arab Emirates and Oman. Investigators said the heist was an ATM cash-out scheme that eliminates withdrawal limits on individual accounts.

The technique is not new. A heist in 2011 using prepaid debit cards netted organized cybercriminals about $13 million. In 2008, RBS Worldpay was targeted in a heist that netted $9 million.

Here's a step-by-step breakdown of how this extensive ATM cash-out scheme went down.