CBN Warns Banks On Korean ATM Hackers

In an effort to mitigate losses to the financial sector through
the activities of cybercriminals, the Central bank of Nigeria (CBN)
has warned commercial banks on Automated Teller Machines (ATMs)
infected by the hackers.

The CBN in a letter to all deposit banks switches operators,
mobile money operators, payment solution service providers, payment
terminals providers as well as microfinance banks amongst others
noted that the hackers have been able to infect some ATM terminals
in Nigeria.

According to the circular issued from the Payment System
Management department of the apex bank, information available to
CBN shows that North Korean Cyber threat actors have been
conducting malicious activities and financially -motivated
Cyberattacks around the world for the past two years.

“The current campaign (tagged fast cash) infects ATM Switch
Application Servers of banks with malware and manipulates the
switch to send approved ‘financial response messages’ to illicit
requests thereby allowing ATM withdrawals in millions of dollars by
the attackers across various countries.

“Information available to CBN indicates that some banks’ ATM
Switch Application Servers located in Nigeria have been infected
with the North Korean malware. The potential losses through ATM
dollar withdrawals for an affected Nigerian issuer bank are
immense.

“In order to urgently mitigate the threat, the Central Bank
hereby mandates all banks to take urgent steps to identify affected
ATM Switch Application Servers and urgently follow the remediation
measures given in the attached appendix to this letter as well as
links for further information on the threat.

“We expect that you would accord this the appropriate
confidentiality and urgency required. Consequently, a report on
actions taken with the outcomes should be rendered to Director,”
the circular read.

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