“Raises a new bar of concern with regard to what cyber criminals internationally can do”
Venable partner and retired Navy Rear Admiral Jamie Barnett was interviewed on the May 9, 2013 broadcast of Studio B with Shepherd Smith on FOX News to discuss a $45 million ATM heist. According to prosecutors, thieves hacked into a database of prepaid ATM cards and eliminated the withdrawal limits. The thieves then loaded the information onto the magnetic strips of bogus cards and thieves in dozens of countries made over 36,000 withdrawals in a matter of hours. Seven suspects were recently arrested in New York City in connection with the heist.
Admiral Barnett said the plot, which was several months in the planning, “raises a new bar of concern with regard to what cyber criminals internationally can do.” While financial industries companies do pay attention to cybersecurity issues, Admiral Barnett said there are vulnerabilities across the board that must be addressed. Admiral Barnett added that mobile payments through a smartphone contain end to end encryption making it more secure than magnetic strips on cards.