Hackers steal up to $1 billion from banks

Adam Allington Feb 16, 2015
HTML EMBED:
COPY

Hackers steal up to $1 billion from banks

Adam Allington Feb 16, 2015
HTML EMBED:
COPY

As first reported by the New York Times, an international group of hackers has allegedly stolen as much as $1 billion from banks around the world, one of the largest bank heists ever.

The hackers used elaborate phishing schemes to impersonate bank employees, delivering malware through attachments which then lay dormant for months gathering key information. Thus far no banks have acknowledged the theft.

At the White House Summit on Cybersecurity last week, President Obama called for a new law requiring public disclosure  in cases of compromised personal or financial data.

Correction: A previous version of this story misstated how much hackers were able to take from the banks. It’s unclear exactly how much the thieves made off with, but the cybersecurity company reporting the breach said they could have taken up to $1 billion.

There’s a lot happening in the world.  Through it all, Marketplace is here for you. 

You rely on Marketplace to break down the world’s events and tell you how it affects you in a fact-based, approachable way. We rely on your financial support to keep making that possible. 

Your donation today powers the independent journalism that you rely on. For just $5/month, you can help sustain Marketplace so we can keep reporting on the things that matter to you.  

Need some Econ 101?

Our new Marketplace Crash Course is here to help. Sign-up for free, learn at your own pace.