Items tagged with jackpotting
Hitting a jackpot on a slot machine is usually a cause for celebration, at least for the person receiving the windfall of cash. Jackpotting an ATM, however, is highly illegal and can land a person in prison. Case in point, the United States Department of Justice announced it has arrested and charged two men, Alex Alberto Fajin-Diaz and Argenys Rodriguez, with bank fraud stemming from an alleged ATM jackpotting scheme. In case you have never heard of the term, jackpotting an ATM involves using malware and a direct physical connection to extract large amounts of cash very quickly, usually draining the ATM of every bill inside. The practice of jackpotting has been prevalent at banking institutions...
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ATMs can be a blessing and a curse to financial institutions. On the one hand, they can process financial transactions quickly, allowing the machines to serve more people over a span of time than a human teller. However, ATMs are often the target of hackers, many using skimmers to obtain debit card numbers for later nefarious spending sprees. Now, the Secret Service is warning that an existing type of ATM attack, jackpotting, is finally beginning to make its way to the United States. Jackpotting has been prevalent at banking institutions across Europe and Asia, but not so much in the U.S. It involves using malware and a direct physical connection to an ATM to force it to shoot out large sums...
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