Ingenious gang uses stolen ID to heist over 1.4 Billion Yen in two hours.

In an era where cybercrime and data hacks are on the rise, it’s unsurprising that breaches on individual information both on the internet and in the banks are also going up. This is evidenced in a rather intriguing case in which over 100 hackers succeeded in stealing 1.4 billion Yen (US$12.7 million) from around 1400 different ATMs situated in various convenience stores in Japan. The most surprising part of this shocking heist is the fact that it was completed in a space of two hours!

Japanese police suspect the operation that took place on May 15 was coordinated by a ring of international criminal network working simultaneously using counterfeit credit cards after hacking accounts information from a South African bank.

Even though no one has yet been arrested in connection with the theft, police strongly believe that these unlawful withdrawals from convenience stores across the country might have been done by more than 100 people each withdrawing 100,000 Yen (US$ 900), which is the daily maximum, from 14,000 ATMs. The Japanese police are currently working with their South African counterparts through Interpol to ascertain how the heist took place.

According to reliable sources in Japan, this incident shows how hackers are becoming more sophisticated. They’re using various techniques including the long-established ‘ATM Skimming’ in which they obtain credit card details from data breaches. They then use these information immediately, effectively and when least suspected to steal from innocent and hardworking citizens.