News
Interpol Warns that Hackers Can Withdraw Cash From ATM
A flaw in cash machines that allows criminals to quickly steal wads of cash has been discovered, according to a report by Reuters.
Interpol has alerted countries in Europe, Latin America and Asia known to have been targeted – and is carrying out a widespread investigation.
Security firm Kaspersky Labs discovered the hack, which is enabled by entering a series of digits on the keypad.
Infected cash machines can be instructed to dispense 40 notes at once, without a credit or debit card.
Kaspersky Labs produced a video showing how the hack was carried out. More details were provided in a blog post.
Prior to trying to obtain the cash, targeted machines are infected with malicious software via a boot CD.
To do this, criminals need physical access to the workings of the machine.
Once the malware – known as Tyupkin – has been installed, the “mule” sent to collect the cash must enter a code on the machine’s key pad.
But Tyupkin then requires a second unique code – randomly generated by an algorithm at a remote location – to unlock the machine and dispense the cash.
It is this part of the process that ensures the criminal who has this algorithm retains control over when and how often these illegal withdrawals occur.
“Over the last few years, we have observed a major upswing in ATM attacks using skimming devices and malicious software,” said Vicente Diaz, principal security researcher at Kaspersky.
“Now we are seeing the natural evolution of this threat with cybercriminals moving up the chain and targeting financial institutions directly.”
Kaspersky carried out its initial investigation at the “request of a financial institution” – although it would not say which.
The attack does not affect individual customers, instead simply instructing the machine to dispense notes, with no link to bank accounts.
The weaknesses of cash machines are routinely under the spotlight in the security industry. Many machines run outdated software, which is hard to update for logistical and financial reasons – there are lots of cash machines, and money needs to be spent upgrading their hardware.
“The fact that many ATMs run on operating systems with known security weaknesses and the absence of security solutions is another problem that needs to be addressed urgently,” Kaspersky wrote.
Earlier this year another malware strain, known as Ploutus, allowed hackers to command machines to dispense cash by sending a text message to them.
In 2010, hacker Barnaby Jack discovered a technique he dubbed “Jackpotting” – in which a cash machine could be made to spew out money.
His demonstration on stage at security conference Black Hat provoked a standing ovation.
Mr Jack died of a suspected accidental drugs overdose in 2013, just days before he was due to give a presentation on the weaknesses in medical devices.
EFCC
The African Development Bank Group last week approved an investment of €6.5 million in the Saviu II fund in order to support technology start-ups through their seed phase and first institutional fundraising, mainly in French-speaking Central and West Africa.
The Bank will invest €4.5 million as equity and €2 million as a first-loss hedging tranche on behalf of the European Commission, under the Boost Africa Programme.
This participation of the Bank Group will enable the Saviu II fund to give priority to companies with a strong technological or digital component.
Saviu II, the second investment vehicle of Saviu Partners, plans to invest between €500,000 and €3 million in about 20 technology or technology-oriented business-to-business start-ups in the seed phase or carrying out first institutional fundraising.
The Saviu II venture capital fund aims to make at least 60% of its commitments in the French-speaking countries of West and Central Africa: Côte d ‘Ivoire, Cameroon, Benin, Senegal, Togo, Burkina Faso and Mali.
The fund can also co-invest in promising technology companies in East Africa that have a strong team and business model, and whose strategy includes entering the market in French-speaking West African countries and establishing a strong presence there.
In addition, the fund will devote a dedicated envelope to pre-seed investments, focusing on minority equity investments, usually in co-investment with studios, incubators or other ecosystem partners.
Nigerian Government has signed a $1.3 billion Memorandum of Understanding (MoU) with Africa Finance Corporation (AFC) via the Solid Minerals Development Fund (SMDF) to fund an alumina refinery, national geoscience mapping, and a strategic investment vehicle for mining growth.
Special Assistant to the Minister of Solid Minerals Development, Segun Tomori, said the refinery will process one million tonnes of bauxite yearly using a modern Bayer process, powered by an on-site gas-fired cogeneration plant.
Minister Dele Alake called it a transformative milestone boosting GDP, aligning with reforms that improve investment climate, regulations, and licensing to attract private capital. He directed agencies to fast-track permits.
The 20-year project at 95% utilization eyes 19 million tonnes total output, $1.2 billion annual GDP addition, $25 billion economic impact, and $8 billion forex earnings, per feasibility studies.
SMDF Executive Secretary Fatima Shinkafi termed it the agency’s biggest funding deal, supporting value-addition policy.
The partnership extends to geoscience mapping for mineral data, de-risking exploration, and a joint vehicle for mining assets.
Permanent Secretary Engr. Farouk Yabo praised the reforms. Shinkafi signed for government; AFC’s Franklin Edochie for the corporation, witnessed by AFC CEO Samaila Zubairu.
Tomori positioned it as Nigeria’s largest private mining investment and FDI magnet.
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