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How Hackers Stole $100M from the New York Fed

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Re: How Hackers Stole $100M from the New York Fed

#11

Post by shkkmo »

chatmasta wrote: post #6
an_account wrote: post #2

If the funds were sent to casinos, shouldn't the casinos have logs of what the money was used for?

Have you ever been to a casino? You buy chips with cash, then you play with the chips, then you cash the (remaining) chips in for cash. There is no tracking of where each chip came from. EDIT: Although maybe you're right, if the "gamblers" deposited funds to the casino via wire, direct from the fed, and then exchanged them for chips. So the casinos should presumably have some record of who came to claim that wire in…

> There is no tracking of where each chip came from.

Do you have evidence for this? I find it rather plausible that casinos have anti-fraud measures built into their chips to allow tracking of where each chip came from.

EDIT: A quick google shows this is indeed the case for some casinos at least: http://singularityhub.com/2011/02/12/1-5m-robbery-of-bellagi...

Re: How Hackers Stole $100M from the New York Fed

#12

Post by wlesieutre »

chatmasta wrote: post #6
an_account wrote: post #2

If the funds were sent to casinos, shouldn't the casinos have logs of what the money was used for?

Have you ever been to a casino? You buy chips with cash, then you play with the chips, then you cash the (remaining) chips in for cash. There is no tracking of where each chip came from. EDIT: Although maybe you're right, if the "gamblers" deposited funds to the casino via wire, direct from the fed, and then exchanged them for chips. So the casinos should presumably have some record of who came to claim that wire in…

I'm surprised they haven't started putting RFID tags in every chip so they can track exactly how much each player spends at each game. Combined with proper record keeping, if chips were ever stolen, you could flag them and make sure they can't be redeemed for cash. Maybe in Vegas?

Re: How Hackers Stole $100M from the New York Fed

#13

Post by drone »

wlesieutre wrote: post #12
chatmasta wrote: post #6

Earlier quoted context omitted.

Have you ever been to a casino? You buy chips with cash, then you play with the chips, then you cash the (remaining) chips in for cash. There is no tracking of where each chip came from. EDIT: Although maybe you're right, if the "gamblers" deposited funds to the casino via wire, direct from the fed, and then exchanged them for chips. So the casinos should presumably have some record of who came to claim that wire in…

I'm surprised they haven't started putting RFID tags in every chip so they can track exactly how much each player spends at each game. Combined with proper record keeping, if chips were ever stolen, you could flag them and make sure they can't be redeemed for cash. Maybe in Vegas?

Play craps? You'll cycle chips pretty much all of your chips, and chips you throw to one side get replaced with chips from another side when making field bets -- for example.

Typical player tracking is done through comp cards, where they account for your buy-ins at the table, and buy out at the cashier.

Re: How Hackers Stole $100M from the New York Fed

#14

Post by simcop2387 »

wlesieutre wrote: post #12
chatmasta wrote: post #6

Earlier quoted context omitted.

Have you ever been to a casino? You buy chips with cash, then you play with the chips, then you cash the (remaining) chips in for cash. There is no tracking of where each chip came from. EDIT: Although maybe you're right, if the "gamblers" deposited funds to the casino via wire, direct from the fed, and then exchanged them for chips. So the casinos should presumably have some record of who came to claim that wire in…

I'm surprised they haven't started putting RFID tags in every chip so they can track exactly how much each player spends at each game. Combined with proper record keeping, if chips were ever stolen, you could flag them and make sure they can't be redeemed for cash. Maybe in Vegas?

I believe they do that in higher value chips in vegas, http://singularityhub.com/2011/02/12/1-5m-robbery-of-bellagi...

Re: How Hackers Stole $100M from the New York Fed

#17

Post by trhway »

wlesieutre wrote: post #12
chatmasta wrote: post #6

Earlier quoted context omitted.

Have you ever been to a casino? You buy chips with cash, then you play with the chips, then you cash the (remaining) chips in for cash. There is no tracking of where each chip came from. EDIT: Although maybe you're right, if the "gamblers" deposited funds to the casino via wire, direct from the fed, and then exchanged them for chips. So the casinos should presumably have some record of who came to claim that wire in…

I'm surprised they haven't started putting RFID tags in every chip so they can track exactly how much each player spends at each game. Combined with proper record keeping, if chips were ever stolen, you could flag them and make sure they can't be redeemed for cash. Maybe in Vegas?

>I'm surprised they haven't started putting RFID tags in every chip so they can track exactly how much each player spends at each game.

and how would casino be laundering money then? :)

Re: How Hackers Stole $100M from the New York Fed

#20

Post by SilasX »

imaginenore wrote: post #19

I don't get how any of this could have happened. So many WTFs. Fraudulent bank wires are reversible, even months after. And how in the world do they not check who they send the money to?

Only reversible if they consider you important enough. Source: got defrauded.
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