German bank loses €1.5 million in mysterious cashout of EMV cards

Criminals have stolen more than €1.5 million ($1.65 million) from a German bank by cloning customer debit cards and then cashing out user funds across Brazil, despite the original cards being protected by EMV (chip-and-PIN) technology.

The thefts happened last week and involved the customers of German bank Oldenburgische Landesbank (OLB).

The incident caught the eye of several cyber-security experts who noted the peculiarities of the thefts, which only involved Mastercard debit cards issued by OLB.

In a statement released following the incident, on Friday, August 27, the German bank said that only 2,000 customers were impacted, and that they already refunded all affected customers.

The bank also moved in to block all Mastercard debit cards following the attack, and is now in the process of issuing replacements.

Read more…
Source: ZDNet