How is a bank robbed through hacking?

Hackers hack into banks just like they do any other security systems, using sophisticated software and hacking skills. Once in, they steal data and transfer money, virtually of course. read more

Bank's typically lose more money through internal process failure resulting in compensation or loss of earnings. Most Bank's have a Fraud, Audit and compliance department, not many have a hacking department. read more

But the largest sums were stolen by hacking into a bank’s accounting systems and briefly manipulating account balances. Using the access gained by impersonating the banking officers, the criminals first would inflate a balance — for example, an account with $1,000 would be altered to show $10,000. read more

These bank heists were surprising because it made no difference to the criminals what software the banks were using. So, even if its software is unique, a bank cannot get complacent. The attackers didn’t even need to hack into the banks’ services: once they got into the network, they learned how to hide their malicious plot behind legitimate actions. read more