Oceans 11 – the prepaid edition

prelin —  May 14, 2013 — Leave a comment

1262266_21971210In a completely insane story involving international hacking and theft the last six months have seen over $45 million stolen via prepaid cards. Before you panic and worry this is a highly complex and involve process that could have happened via any card medium, the crooks simply decided to use prepaid cards for simplicity.

The gang was able to make big withdrawals after hacking into an Indian and a US credit card processing company to raise the balances and withdrawal limits on MasterCard prepaid debit cards.

Cyber security experts said the global scope and speed of the $45 million bank theft was unprecedented. The global gang had operatives in 27 countries who could fan out to thousands of ATMs in a matter of hours, and withdraw money using fraudulent prepaid debit cards.

The story continues from the strange to the bizarre with the accused ringleader in the US cell, Alberto Yusi Lajud-Pena, was reportedly murdered in the Dominican Republic late last month, Wired reported, adding that he was shot and killed while playing dominoes!

The cells would take their cut before laundering it through expensive purchases or ship it wholesale to the global ringleaders. The scheme involved attacks on two banks, Rakbank in the United Arab Emirates and the Bank of Muscat in Oman.

While no one besides the banks have lost any money this story will make a great movie one day. For now prepaid is safe and digital security firms might be making a lot more money consulting.

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