Spitting Cash: ATM Jackpotting Attacks Surged in 2025

The $20 Million Cyber Heist: How Decades-Old Tactics Are Still Bleeding Banks Dry

In a sobering reminder that cybercrime evolves far slower than most expect, financial institutions worldwide lost over $20 million last year to attacks that leaned heavily on tools and methods first deployed more than a decade ago. While the headlines often spotlight cutting-edge AI-powered scams or quantum-threat scenarios, the reality on the ground is far more mundane—and far more dangerous.

According to new industry reports, the bulk of these losses came from a cocktail of well-worn tactics: phishing campaigns that mimic trusted financial institutions down to the smallest pixel, credential-stuffing attacks that exploit the human habit of password reuse, and remote access trojans (RATs) that give criminals persistent control over victims’ devices. What’s particularly striking is how little these techniques have changed since their inception—only the scale and automation have improved.

One of the most prevalent attack vectors last year was business email compromise (BEC), where criminals impersonate executives or trusted vendors to trick employees into wiring funds to fraudulent accounts. Despite years of warnings and preventive training, BEC schemes grew in sophistication, often incorporating deepfake audio or AI-generated writing styles to bypass traditional red flags. Yet at their core, these attacks still rely on social engineering—the oldest trick in the cybercriminal playbook.

Another major contributor to the $20 million tally was card-not-present (CNP) fraud, where stolen card details are used for online purchases. Criminals harvested these details through Magecart-style skimming scripts injected into e-commerce sites, a technique first documented in 2010 but still alarmingly effective. The rise of e-commerce during the pandemic only expanded the attack surface, giving bad actors more opportunities to monetize stolen data.

Banks and cybersecurity firms alike point to a troubling trend: many of these attacks succeed not because they’re technologically advanced, but because defenders are slow to patch known vulnerabilities. In multiple cases, breaches occurred months—sometimes years—after patches were publicly available. This “patch gap” is a goldmine for criminals who systematically scan for unpatched systems using automated tools that have barely changed since the early 2010s.

The financial sector isn’t alone in facing this paradox. Healthcare providers, government agencies, and even tech companies have reported similar patterns—old vulnerabilities, old tactics, new victims. The persistence of these methods suggests that the economics of cybercrime still favor volume over innovation. Why spend months developing a novel exploit when a decade-old phishing template still nets millions?

In response, regulators are pushing for stricter cybersecurity frameworks and mandatory breach reporting, while banks are investing in AI-driven fraud detection and zero-trust architectures. Yet experts warn that without addressing the human element—training employees to recognize social engineering, encouraging unique passwords, and fostering a culture of vigilance—technological solutions will only ever be part of the answer.

As we move deeper into 2024, the $20 million loss figure serves as both a warning and a call to action. Cybercrime may not always be cutting-edge, but it remains ruthlessly effective. The tools may be old, but the threat is as current as ever.

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