Up To $1B Stolen From Banks By Hacking Ring

An international hacking ring has stolen as much as $1 billion from more than 100 banks in 30 countries including Russia, the U.S. and China in what could be one of the biggest banking breaches ever. Hackers used phishing schemes and other methods to infiltriate the banks’ systems and lie dormant gathering information about bank operations. Then, they steal funds by transferring money to fake accounts and dispensing cash from ATMs, according to a report that Russian-based Kaspersky Lab is to present Monday at a security conference in Cancun, Mexico.