According to a report on MSNBC.com Thursday the thieves have used the method to withdraw cash from automated teller machines around the country. Financial institutions have also noted fraudulent withdrawals from US accounts made in Canada, the United Kingdom and Russia.
The FBI is investigating the new wave of fraud which has affected customers from large banks such as Bank of America, Wells Fargo, Washington Mutual and Citibank, as well as smaller financial institutions.
Debit cards which use secret four digit codes are more secure that credit cards which can often be used without any additional layer of security.
Since debit cards can also be used to withdraw cash from machines, they offer a quicker return for thieves than credit cards, which are primarily limited to purchasing goods which thieves must then sell in order to get money.
Investigators believe that the thieves got their hands on the four-digit security codes by hacking in to the computer networks of large retailers who stored the PIN numbers after customers had keyed them in for purchases.
The San Francisco Chronicle reported last month that thieves had stolen details of 20,000 accounts from office supply store OfficeMax, though the company denies it's to blame.
'This is the absolute worst hack that has happened, the biggest scam to date,' said Gartner analyst Avivah Litan. 'Once the thieves have a cardholder's PIN, they have enough data to create and use counterfeit cards to withdraw cash at ATM machines.'
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