In a strange, but very alarming, case reported in the media, a former Bank of America computer programmer was found guilty for ATM fraud.
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As per the reports, Rodney Reed Caverly was hired by BOA to design and maintain its computer systems, and had been assigned to work on a project involving the bank’s ATM sytems.<\/p>\n
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Caverly over a period of 6 months during mid 2009 deployed a malicious computer code in around 100 BOA ATMs. The code was written to disburse cash from the ATMs without any transaction record of the cash disbursement. <\/p>\n
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The thought of something like this happening is so scary … what if a rogue coder can write a code that no matter which card is inserted into the ATM, the withdrawal will be debited from say Mukesh Ambani’s bank account !!<\/p>\n
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While banks spend a lot of money aiming to secure their networks from external attacks and take pains to segregate duties and whatnot internally, a smart, evil employee will always be able to make a mockery of its defenses. Hence the need for very strong internal control processes and a reconciliation and monitoring mechanism.<\/p>\n","protected":false},"excerpt":{"rendered":"
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