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The Hack JackModern-day bank robbers no longer need to enter banks for cash. Robbers have made hacking into and manually robbing ATMs a global, scalable enterprise. Foreign crooks are literally recruiting candidates and training them on how to rob hacked ATMs. We’re naming this methodology the “Hack & Jack”; whereby hackers override bank instructions, and contracted street thieves do the taking. ATM theft and fraud cost the banking industry billions of dollars annually, and guess who pays for that?

US Secret Service Assistant Special Agent in Charge Greg Naranjo describes Hack & Jack attacks as “brazen in broad daylight and in front of hundreds of people.” Even more daunting is agent Naranjo’s disclosure that foreign kingpins have established training facilities and are recruiting and training foot soldiers to better scale their criminal enterprises in the US.

Robbers must feel like they’re at Home Depot where they can check out without human interaction. Using the Hack & Jack methodology, robbers no longer need to threaten anyone, they can wear whatever disguise they want, and have access to money 24/7; what’s not to like?

Since robbers know where to gain access to cash digitally, they’re now gearing up for scalability by hiring others to jack the cash. Hacker masterminds have become Hack & Jack contractors utilizing a trained workforce.

We consumers should be concerned, because banks are not price-makers, their price takers. They will pass ATM losses onto customers via higher ATM fees and banking services. Somewhat like the high prices paid at convenience stores who suffer from high theft rates.

There are tools to stem the Hack & Jack epidemic. IBM’s X Force Red is one cyber-security company who has seen a 500% YOY growth in demand for their services to prevent ATM attacks. Some Banks are hardening ATM sites with Anti-attack access doors, and card & PIN access to deny robbers physical access to ATMs. Facial recognition software and fingerprint biometric software for positive ID are other means of restricting access. Text messaging approval codes to confirm identities are the next measures to expect.

Unfortunately for us the customer/consumer, we’ll be stuck with the not only for the security enhancements but the losses as well. Alternatively, there’s always the old school approach of stuffing money under the mattress.

To learn more about how we can keep your bank safe, contact Isotec Security Inc. today.

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