Japan ATM Heist Shows the Benefits Of Smartphone Banking (AAPL) (GOOG)

Apple Pay (NASDAQ: AAPL) is one step closer to mass adoption in Japan after a team of criminals coordinated a series of ATM withdrawals using pirated ATM cards and stolen data from a South African bank. The thieves withdrew $12.7 million from ~1,400 convenience store ATMs across Japan in two hours.

Based on transaction data from 14,000 convenience store ATMs, they believe hackers stole the data and turned it into 1,600 cloned credit cards. Then used each one to withdraw the daily maximum of 100,000 yen. Japanese authorities are working with their South African counterparts and INTERPOL to track down the culprits.

The original article can be found here.

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