US domestic intelligence and security service, Federal Bureau of Investigation (FBI), has warned all banks across the globe of an imminent threat that their cash machines can be manipulated by cybercriminals.

FBI is the domestic intelligence and security service of the United States, and its principal federal law enforcement agency.

In a confidential alert, the intelligence chiefs warned that cybercriminals are planning a global ‘cash-out scheme’ known as an Automated Teller Machine (ATM) ‘jack-potting’, which enables fraudsters to use malware to take over ATMs and steal millions of dollars.

An FBI cybersecurity expert, Brian Krebs, said

“The FBI has obtained unspecified reporting indicating cyber criminals are planning to conduct a global Automated Teller Machine (ATM) cash-out scheme in the coming days, likely associated with an unknown card issuer breach and commonly referred to as an ‘unlimited operation’.”

In a bid to counter the high rate of internet fraud in Nigeria, the Central Bank of Nigeria (CBN) had said it is developing a Risk-Based Cyber Security Framework for financial institutions.

The CBN Governor, Godwin Emefiele, through the apex bank’s Deputy Governor, Financial System Stability, Aishah Ahmad, during the Nigeria-JP Morgan Chase Cyber Security Conference in Abuja, said the framework would ensure the appropriate cyber security of data in Nigeria’s banking system.

According to McAfee’s Centre for Strategic and International Studies, the annual cost of cyber crimes in 2017 hit $600 billion worldwide as hackers become more sophisticated and criminal marketplaces and cryptocurrencies thefts multiply.

The CBN had also disclosed its intention to partner the Chartered Institute of Bankers of Nigeria (CIBN) as Nigeria continues to battle rising cases of Internet-related crimes, particularly in the banking sector. The move was to proffer a solution to the alarming rate of cyber crimes.

Coronation Research
Famuyiwa Damilare is a trained journalist. He holds a Higher National Diploma (HND) in Mass Communication at the prestigious Nigerian Institute of Journalism (NIJ). Damilare is an innovative and transformational leader with broad-based expertise in journalism and media practice at large. He has explored his proven ability in the areas of reporting, curating and generating contents, creatively establishing social media engagements, and mobile editing of videos. It is safe to say he’s a multimedia journalist.

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