What happens when cybercriminals stop targeting bank customers—and start targeting the bank itself? In Episode 010 of the Cyber Distortion Podcast, we examine Carbanak, the malware-driven campaign that turned financial institutions into the targets of a massive digital bank robbery. Beginning with ATMs mysteriously dispensing cash, investigators eventually uncovered attackers who had infiltrated bank networks through employees and quietly learned how the institutions actually moved money.

We unpack how the attackers used access, surveillance, lateral movement, legitimate credentials, and knowledge of bank processes to manipulate financial systems, transfer funds, alter account balances, and remotely command ATMs to dispense cash. With Kaspersky estimating that up to 100 financial institutions in around 30 countries were targeted and losses could reach $1 billion, Carbanak demonstrated that attackers did not necessarily need to break through every security control—they needed to understand the organization well enough to make it work for them.

More than a decade later, the lessons from Carbanak remain deeply relevant. The attack showed how dangerous legitimate access can become when an attacker can observe employees, move through trusted systems, and blend into normal business activity. Join Kevin and Jason as they explore the hunt for the Carbanak criminal operation, the evolution from Anunak to Carbanak and Cobalt, and the unsettling question raised by the episode: what happens when the next Carbanak is faster, smarter, and powered by artificial intelligence?

Resources:

Kaspersky – The Great Bank Robbery: Carbanak cybergang steals $1bn from 100 financial institutions worldwide

https://www.kaspersky.com/about/press-releases/the-great-bank-robbery-carbanak-cybergang-steals-1bn-from-100-financial-institutions-worldwide

Kaspersky – The Great Bank Robbery: Carbanak APT

https://www.kaspersky.com/blog/the-great-bank-robbery-carbanak-apt/3598/

Kaspersky – The Carbanak hacker group stole $1 billion USD

https://www.kaspersky.com/blog/billion-dollar-apt-carbanak/7519/

Europol – Mastermind behind EUR 1 billion cyber bank robbery arrested in Spain

https://www.europol.europa.eu/media-press/newsroom/news/mastermind-behind-eur-1-billion-cyber-bank-robbery-arrested-in-spain

Kaspersky – Safeguarding ATMs: Carbanak technical background

https://media.kaspersky.com/en/business-security/enterprise/Safeguarding-ATMs-whitepaper-en.pdf

Reuters – Cybercrime ring steals up to $1 billion from banks: Kaspersky Lab

https://www.reuters.com/

The New York Times – Bank hackers steal millions via malware

https://www.nytimes.com/

Research:

Carbanak, Anunak and Cobalt – Kaspersky threat research and historical coverage

https://www.kaspersky.com/

Europol – International investigation and arrest of suspected Carbanak/Cobalt leadership

https://www.europol.europa.eu/

Music Used:

Future Machinery Preview

Rising Tension Trailer Intro

Storm's Coming

Tension Point

Tense Movie

Serious Intent 191S

End Game 131S

Positive Energy

Music Sources:

Filmora

Audiostock

Universal Music for Creators 🎧