Electronic Bank Robbing is So Much Easier

Option 1: IRA knocks off bank in old-style heist and gets $50 million.

Option 2: Israeli hacks, then transfers $420M from Sumitomo Mitsu bank in London.

In this case, the electronic bank robber was caught. However, this writer can assure our dear readers that electronic bank fraud is real, and the scams are geting bigger. Obviously, risking jail for the part of half a billion dollars has a better risk-reward than driving off with an ATM.

[Update} Phishing also appears to be quite lucrative. The Brazilian police just landed a perp accused of $37M in phishing fraud.

Peter S. Kastner