In case if you do not know, last week several arrest were made in New York city in connection to sophisticated cybercrime attack where cyber criminals made with $45 million in ATM withdrawal scam involving prepaid debit cards. The arrested thieves were small part of a well organized global ATM theft that involved more than 2000 ATM machines across 26 countries in a matter of 10 hours time. You can read the detail news about this here on New York Times website. This most sophisticated and biggest cyber theft in history has Indian connection to it, read about this here on our Times of India website.
I am not at all surprised with the incident as this has been waiting to happen someday. Here are few reasons behind why I believe this is not surprising:
I believe all the above three reasons has role to play in this recent biggest cyber theft in the history. For common man, no matter how much precaution one take while performing online transactions, things can still get stolen if server side things are not that secure. It is high time that government should set new security standards for developing such critical financial systems and make sure they are enforced.