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Cybergang Compromises Every ATM In Russian City 74

Orome1 writes "A group of fraudsters has been arrested in Yakutsk and Moscow for allegedly compromising all the ATMs in the city of Yakutsk — population: around 210,000 — in the Republic of Yakutia in the Russian Federation. Three of the men formed the actual criminal group, and the fourth — a Moscow-based malware developer — was 'subcontracted' by them and received 100,000 rubles (some $3200) to develop a custom ATM virus with which they would infect the devices."
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Cybergang Compromises Every ATM In Russian City

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  • by Ada_Rules ( 260218 ) on Saturday December 04, 2010 @02:27PM (#34444730) Homepage Journal
    They've got ATMs all over the place. They run this Ponzi scheme where people give them money and then they loan out almost all of it to other people. Eventually this money gets re-deposited and again they loan out almost all of it. This cycle continues until the total amount of money that they own to depositors is substantially larger than the actual money they can ever get their hands on. They try to re-coup this by charging crazy fees on their ATMs and monthly fees for getting to play in the scheme but in the end like all Ponzi schemes, this one crashed.

    So get this, then, they have these other dudes with guns who force people to pay them money so that it can be funneled back into the Ponzi scheme to keep it going.

    On second thought, what we have here is far worse than in Russia. Damn Bank of America.

"The eleventh commandment was `Thou Shalt Compute' or `Thou Shalt Not Compute' -- I forget which." -- Epigrams in Programming, ACM SIGPLAN Sept. 1982