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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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PNC Bank

Type: Card Skimming
Cost: $208,000


During April and May 2010, two men placed skimmers on PNC ATMs in Harmar and Waterworks Plaza in Pennsylvania, according to the U.S. Attorney's Office of Western Pennsylvania. Both men were arrested in April 2011 and face charges of conspiracy, access device fraud and attempt to commit access device fraud. One man resided in Pompano Beach, Florida, and the other in Astoria, New York.

Court records reveal that the two men installed electronic skimming equipment onto multiple PNC ATMS in the Western Pennsylvania area. The illegally installed equipment allowed them to record customer bank account information contained on the magnetic strips of debit and credit cards used at ATMs. Fraudulent debit and credit cards were created with this information and approximately $208,000 was skimmed from at least 211 accounts.

Information Source:
justice.gov
Privacyrights.org

 

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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