Millions stolen in ATM fraud
Posted on 12 November 2010.
Two executives of an automated teller machine dispensing company are currently waiting to be sentenced in a case of fraud perpetrated against Connecticut's Domestic Bank, which allowed them to siphon around $4.8 millions from the bank's ATMs.

For the last ten years, their company - New England Cash Dispensing Systems (NECDS) - was a partner the Domestic Bank and helped them stock a network of ATMs throughout the northeastern U.S. The money that went into these machines was coming both from the bank and from the NECDS, but the executives thought of a way to keep their money for themselves.

The ATMs that were supposed to be filled with the company's money were actually filled with the bank's money, and they counterfeited the accounting to keep the theft hidden for three years.

PC World reports that general manager John DeMilo and the company's CEO Joseph Sarlo both pleaded guilty, and are both set to be sentenced in January. DeMilo is looking at a maximum sentence of 30 years in prison.






Spotlight

Whitepaper: Zero Trust approach to network security

Posted on 20 November 2014.  |  Zero Trust is an alternative security model that addresses the shortcomings of failing perimeter-centric strategies by removing the assumption of trust.


Weekly newsletter

Reading our newsletter every Monday will keep you up-to-date with security news.
  



Daily digest

Receive a daily digest of the latest security news.
  

DON'T
MISS

Fri, Nov 21st
    COPYRIGHT 1998-2014 BY HELP NET SECURITY.   // READ OUR PRIVACY POLICY // ABOUT US // ADVERTISE //