Dissecting Operation High Roller: New Bank Theft Software Hits Three Continents

Posted on Jun 26 2012 - 6:33am by Editorial Staff

Reuters is reporting that McAfee and Guardian Analytics have uncovered a highly sophisticated, global financial services fraud campaign which has reached the American banking system. Talking about the discoveries during the process, at least a dozen groups are now using server-side components and heavy automation.

Target set aside is to siphon large amounts from high balance accounts, making the McAfee and Guardian Analytics to choose the name for this research as “Operation High Roller.” All this operation requires is no human participation, each attack moves quickly and scales neatly.

The study found that 60 servers processing thousands of attempted thefts from high-value commercial accounts with even some high net-worth individuals. Some attempted transfers averaging even in the thousands of Euros, with some transfers as high as €100,000 ($130,000).

The targets have expanded from the European Union, to Latin America, to the United States. The estimate that both these organization varying is that the criminals have attempted at least €60 million ($78 million) in fraudulent transfers from accounts at 60 or more financial institutions (FIs). If all of the attempted fraud campaigns were as successful, the total attempted fraud could be as high as €2 billion.

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Editorial Staff at I2Mag is a team of subject experts led by Karan Chopra.