Hacking ring caught in $9 million fraud

/ Source: The Associated Press

Federal authorities have busted what they call "one of the most sophisticated computer hacking rings in the world" winning indictments against eight people from Russia, Estonia and Moldova.

The ring allegedly stole more than $9 million in less than 12 hours after hacking into payroll debit card information last November from the Royal Bank of Scotland Group in Atlanta. After breaking encryption used to protect customer data on payroll debit cards the group allegedly raised the account limits on compromised accounts.

They then provided a network of "cashers" with 44 counterfeit payroll debit cards, which were used to withdraw more than $9 million from over 2,100 ATMs in at least 280 cities worldwide, including the United States. Authorities said the investigation in ongoing.