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Gold $1223.3 -2.1
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Talk to a representative: 855-242-4121

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Global ATM Hack Attack Expected SOON: Another Reminder of Bank Risks

The FBI recently warned banks about a dangerous threat to the financial security of private citizens across the globe. The agency discovered an organized group of cybercriminals is planning a high-level ATM hack on cash machines that could result in millions of dollars vanishing from customer bank accounts.

According to the Independent, the FBI has what it believes to be credible information indicating not only that the worldwide “cash-out” scheme is being planned but that it will happen soon.

“Cash-Out” ATM Hack Expected in Days

Investigative reporter and cybersecurity expert Brian Krebs got his hands on an alert sent to banks by the FBI. It reads in part, “The FBI has obtained unspecified reporting indicating cybercriminals are planning to conduct a global Automated Teller Machine (ATM) cash-out scheme in the coming days, likely associated with an unknown card issuer breach and commonly referred to as an ‘unlimited operation.’” [emphasis ours]

Although the date of the predicted ATM hack is not known, it’s supposed to be executed sometime during a weekend. “Virtually all ATM cash-out operations are launched on weekends, often just after financial institutions begin closing for business on Saturday,” Krebs explained in his blog.

The threat of such a massive criminal ATM attack on bank accounts is just the latest reminder that standard financial institutions are not exactly Fort Knox when it comes to the security of your money. Some people may be inclined to dismiss the threat of the ATM hack because bank accounts in America are insured; they are, up to $250,000 per account per depositor per bank. Still, account holders who disregard the vulnerability of the banking system on the basis that the Federal Deposit Insurance Corporation (FDIC) exists are missing the point.

The point is that your money in the bank is now, for all practical purposes, a digital asset that can not only be stolen by computer-savvy criminals but can be accessed practically at-will by a laundry list of federal, state and local government agencies.

Use Physical Gold and Silver to Protect Money from Bank Risk

One of the great features of physical precious metals such as gold and silver is that they live outside the realm of both traditional financial markets and the paper/digital asset space. Owning tangible gold and silver assets allows you to not only take advantage of their demonstrated capacity as a store of value, but to retain physical control over the metals – which in turn means better personal control over your savings than when your money is in a bank.

Many gold and silver buyers elect to store their metals in a non-bank, non-government depository, where they can visit and view their holdings. This type of precious metals ownership helps them avoid falling victim to bank risks. However, other gold and silver buyers, including some retirement investors, decide to use more specialized custody options that allow for the storage of their metals wherever they choose. The flexibility enjoyed by investors to not only store wealth in the form of physical precious metals but maintain custody of those metals and sidestep bank risks such as the current ATM hack is one more excellent reason to own gold and silver.

I said earlier your bank is nothing like Fort Knox, which is famous, of course, for the U.S. gold reserves stored there. Not only has there never been a successful robbery of the gold at Fort Knox, no one has ever even attempted to steal it. The bottom line is it’s a lot tougher to grab physical gold out of a highly secure facility than it is for cybercriminals (or anyone) to take depositors’ digital money out of financial institutions. Something to consider.

Securing your wealth in a safe-haven asset outside of the banking system is just one reason to own physical precious metals. To learn more about ALL the benefits of owning physical gold and silver and avoiding bank risks such as the expected ATM hack, call Augusta Precious Metals at 855-242-4121 and speak with one of our knowledgeable gold and silver professionals. Also, if you currently have a retirement plan, such as an IRA or 401(k) and want to add physical gold or silver to your tax-deferred holdings, you can do so with a physical gold IRA. Just ask the Augusta representative you speak with for more information.

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Michael Dallo, CPA, JD, LL.M. is a tax attorney and certified public accountant (CPA) of Dallo Law Group, a Professional Corporation. For over 10 years, Michael has zealously represented hundreds of clients in resolving tax disputes with the Internal Revenue Service and California taxing agencies, as well as developing sound tax positions and arguments to minimize their federal and state tax liability.