The Top 9 Most Costly Financial Services Data Breaches
Valley National BankType: Card Skimming
Viktor Kafalov, a Bulgarian native, plead guilty to conspiracy to commit bank fraud and aggravated identity theft. He admitted to installing skimmers and cameras on Valley National ATMs in Nutley and Belleville, New Jersey, in September 2008. He then used the account and identification information to make fake ATM cards. Kafalov and his co-conspirators accessed approximately 348 accounts and defrauded Valley National of $278,144. According to news reports, the scheme withdrew funds from accounts at various New York City locations in Brooklyn, Queens, Manhattan, Long Island and as far away as Mississauga, Ontario, Canada.