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Greg MacSweeney
Greg MacSweeney
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The Top 9 Most Costly Financial Services Data Breaches

The recent data breach involving MasterCard and VISA card information is only the latest in a string of hacks and thefts that have cost financial institutions multimillions of dollars. Here are the biggest most recent data breaches.
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Valley National Bank

Type: Card Skimming
Cost: $278,144


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.

Information Source:
Privacyrights.org
Newjerseynewsroom.com

 

Greg MacSweeney is editorial director of InformationWeek Financial Services, whose brands include Wall Street & Technology, Bank Systems & Technology, Advanced Trading, and Insurance & Technology. View Full Bio

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