Another Huge Cash-Out Scheme Revealed

(Bank Info Security) Federal authorities have charged eight suspects in yet another ATM cash-out and cybercrime scheme that involved online account takeovers and prepaid card compromises.

So far, four arrests have been made in the case, which also involved fraudulent ATM withdrawals and wire transfers to overseas accounts, as well as identity theft, in some cases, to perpetrate tax fraud, investigators say.

The government’s ongoing investigation has so far identified attempts to defraud the victim companies and their customers of more than $15 million, federal prosecutors say.

This is the second major cash-out scheme revealed by federal authorities in recent weeks. In May, authorities announced the separate indictment of eight other individuals allegedly linked to a $45 million global ATM cash-out and money-laundering scheme…read full article

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