Busted! – World Pay Hackers are Caught

November 13, 2009 — Leave a comment

9 million dollars in 12 hours, not a bad hourly wage, especially in this economy.  This was a sophisticated attack, and I expect to see it happen again.  Putting a few people in jail won’t stop others from copying this type of strategy – the question is, will your customers be able to detect it before it’s too late, and  stop it before it becomes world news like the World Pay attack?

According to SC Magazine, “The gang evaded encryption on the network of RBS’ U.S. payment processing division,… raised the limits on the accounts, created 44 counterfeit cards and hired a group of “cashers” to use the cards to withdraw more than $9 million in less than 12 hours from 2,100 cash machines across 280 cities worldwide.” Not bad for a bunch of 20 something year olds – now headed to prison.

If your clients think they’re secure, don’t believe them.  Encryption, passwords, firewalls, etc. They’re no match for the creative hacker.  Companies must move toward faster detection mechanisms, better monitoring, and fast response plans.  In many cases your clients won’t be able to afford all of this – that’s where managed services come in.  Build or OEM this program and provide it to your clients.  It’s a Win/Win as Stephen Covey would say.

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