You will each choose 2 fraud cases from the folder provided. Your mission is to write 3-5 rules for each case (using the Data dictionary and sample screen shots of "Alerts) other Monetary and Non-mone
http://www.bankinfosecurity.com/atm-a-9140 ATM Cash-Out Scheme in Japan
Remember – not all ATMs are Chip Enabled!
A Japanese ATM cash-out scheme that stole $19 million from South Africa's Standard Bank in less than three hours illustrates why devising better ways to mitigate the risks posed by such schemes must be a priority for financial institutions in those markets - including the U.S. - that still rely on magnetic stripe debit cards.
But by the time the pattern was noticed, $19 million was already gone, Standard Bank told Reuters.
The Scheme
According to news reports from Reuters and others, the cash-out scheme is believed to be linked to a sophisticated criminal group that has extensive knowledge about how ATM transactions are accepted and transmitted in Japan.
Approximately 1,600 counterfeit mag-stripe debit cards cloned from card data stolen from Standard Bank accounts were used between the hours of 5 a.m. and 8 a.m. on Sunday, May, 15, at 1,400 ATMs located in 7-Eleven convenient stores in Japan, Reuters reports. Those ATMs are owned and operated by Seven Bank, only one of two banks in Japan that accepts cards from other countries, CNN Money reports.
The attacks targeted off-premises ATMs, which often have less surveillance than branch ATMs, and occurred after bank business hours in both Japan and South Africa.
Each made withdrawals of 100,000 yen at a time – the maximum allowed by the cash machines – and there was a total of 14,000 withdrawals.
The thieves targeted cash machines in the capital Tokyo and 16 other prefectures, according to Kyodo News.
By using cards that were issued in a different country from the one in which the fraud took place - and on a day of the week when banks were closed - they were probably able to buy themselves enough time to leave the country before their crime was discovered.
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