Turkish Hacker gets 8 Years in Prison

Monday, February 13, 2017 @ 06:02 PM gHale

A Turkish hacker got eight years in prison and must pay $55 million in restitution.

Before the sentencing, Ercan Findikoglu faced nearly 58 years in prison for leading a cybercriminal organization that caused huge losses to banks across the world between 2011 and 2013.

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Known online under several monikers, including “Segate,” “Oreon,” or “Predator,” Findikoglu pleaded guilty nearly a year ago. He admitted in federal court in New York to several counts of computer intrusion conspiracy, access device fraud conspiracy, and effecting transactions with unauthorized access devices.

The gang led by Findikoglu managed to put a dent of $55 million in the “wallets” of banks across the world across three major campaigns, between 2011 and 2013. They managed to hack into the systems of payment card processing companies, stole card data and eliminated withdrawal limits on those cards.

The information then passed to other members of the group who ended up charged with encoding the magnetic stripe of blank cards with the stolen data. Since they also managed to get away with PIN codes, withdrawing all the money on the cards was no trouble at all by using ATMs from all over the world.

The first attempt resulted in the hackers making away with about $10 million. The second campaign resulted in about $5 more million. The third campaign, however, was the most successful as they managed to withdraw about $40 million through 36,000 ATM transactions across 24 countries.

Findikoglu ended up arrested in 2013 in Germany and extradited to the United States in 2015. Once his eight years in prison in the United States are up, he’ll be sent back home to Turkey where he’s already been sentenced to another 20 years in prison for payment card fraud.

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