Cyberattacks targeted at financial institutions and big businesses have reached record numbers. Cyber attackers, both financially and politically motivated, are setting their sights on sectors that reap the most reward – banking. With the potential for millions of dollars stolen, hackers are launching attacks to steal personally identifiable information (PII) for their use or for sale on the black market. Fin7, a cybercriminal gang, has taken this one step further and is using personal data to create physical credit cards for use during in-store purchases.
“For nearly four years, the Fin7 gang has been the major supplier of stolen payment card data to criminals in the dark web,” said Andrei Barysevich, a director at Boston-based cybersecurity firm Recorded Future. “Such data can then be encoded onto any plastic magstripe card, allowing criminals to make in-person purchases.”
Fin7, also known as Carbanak, has been launching cyberattacks since 2014 that have affected businesses and nations alike. The Federal Bureau of Investigation (FBI) arrested three main members of the group earlier this month, but fears this may not be enough to end the reign of terror entirely. With seemingly endless tech and resources, Fin7 has stolen billions from banks and businesses and created phishing scams to collect thousands of credit card numbers.
The group gives a new meaning to organized crime. Using Jira, a project management software often used in IT startups, Fin7 has tracked their targets and stolen data and other incriminating information. Fin7 constructed their own malware to send to targets and even followed up with phone calls to walk recipients through the clicking process, infecting their devices.
The FBI cyber threats taskforce is pushing to make stronger connections in Europe where cyberattacks are growing. “We are putting attorneys on the ground to help craft cyber legislation,” explained Elvis Chan, head of the FBI’s San Francisco cyber threat taskforce. “We put technical folk on the ground to help relatively young countries in Eastern Europe stand up their own capabilities. American agents, analysts and computer scientists provide training and liaise with countries across Europe from Romania and Estonia to Ukraine itself.”
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