Hack Attack Loots $1 Billion from Banks

Report: Hackers stole money directly from the banks, not customers.
4:47 | 02/17/15

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Transcript for Hack Attack Loots $1 Billion from Banks
And. It's Tuesday February 17 markets in New York are open a big number this morning one billion dollars that's the amount. Packard still from banks worldwide a recent attack. The wrinkle in this one though the hacker stole directly from the banks themselves instead of stealing money. From individual customer counts. On the news to say the rise of hacking across the globe is raising some very big concerns whomever is pocket is coming from. Everyone I'm Dan Cutler and new York and here with more on this new hack attack is the Mac attack Jack MacKey from Yahoo! finance and the snow Tuesday morning mr. MacKey good morning to you. The Marta my friend are solicit so we've seen these kind of hack attacks happening on costs on consumers customers themselves but this pretty usual for the banks themselves to be target. Right at its pretty sophisticated hacking they were able to gain the hackers were able to gain access to the bank. Internally and then just have reached him spew cash out it was both sophisticated. And time recruiting and kind of hijinks are in make a good movie if not for the fact that a billion dollars of real money was lost by criminals you yeah house to criminals that part is kind of a down side. He had at that that is downtown so how would not do they pulled us off do we have any idea for these ATM just dropping cash. Well and that's the part that is intriguing because I assume you have to have a fairly sophisticated level of what's going on an obvious bank's work before reaping get the ATMs to do that I don't know that that's an automatic function. They use what's called spear fishing now Phishing attacks. Our so called and it's PH Phishing but that's just a cube kind of nomenclature. But the ideas that you just send out a zillion emails to all these different accounts and hope someone's dom not to click click the attached. Link and that would unleash the virus what these guys that apparently were sent out to bank of the bank. Employees' emails with those same spiral attachment files and they simply got the idea they got those. And so spear fishing would be that it's just more focused form of fish and where they went after the bank employees themselves. As opposed to going after the customers police are looking at is hacking attacks. Home Depot target JPMorgan what do these companies doing that a step up these efforts it to kind of he has safeguard everyone's assets. Well there's spending tens of millions of dollars to try to secure but they're really behind. The problem is that you don't make as much money defending yourself as you do from having a billion dollars in cash you lot of ATMs over the course of a few months. So really there's that imbalance there. And it is Guinness be hard for the companies to stay in front of it now the one sort of dark encouragement if you're a retailer is that the attacks have moved beyond the so far beyond what you would get from jurists would stealing someone's magnetic. Code information off the back of their target card. That it does the whole different level and so it raises much bigger concerns I JPMorgan's. A banker if through American Home Depot on the target they have different problems but they are definitely at the forefront of this. Last I checked their spending about a quarter over a billion a year on cyber security and I doubt that's enough but I doubt a billion would be enough. It's simply a matter getting the right people in there and there's got to be some sort of combination of government. Federal and these these different companies that have to combine two to shore up the system because we're way behind a cyber security level will listen I hate to say that it's an effort some announces problem we can breathe a sigh of relief because it's not ours but any consumerism me what are you an idea that a protect ourselves. Doc and cover and just that a lot of cash we can't have much of anything. You know you're here are insured up about 250000. I depending on your account some of the companies have have. Com insurance that's much larger in terms their systems getting hacked but you just got to monitor those transactions there's no way around it we've been saying this for years. And it really is the best way to go about defending yourself gorges just look at every single charge and here counts. And receive their rings true. And Ed if you find it charges that don't call your bank right away. Don't hit any files from company from emailed state. Don't seem familiar but they look like or from your bank just as the 800 number that the bank gives you themselves go straight to the web site. And beyond bats again this promise gonna play out over very long time and it's a national security issue as much abuses just a consumer issue. And it's a really out on that level it's kind of got these Cold War over hangs where there's not a light can do about it but it certainly affects your life and livelihood. Yes Jeff MacKey from have financed this Tuesday morning Jeff thanks so much sir appreciate it. Thank you. You can keep up with the latest headlines right here at abcnews.com. Much debate number I'm Dan.

This transcript has been automatically generated and may not be 100% accurate.

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