54:46 If you swipe, the card data will be stored in it. For example, I work in a petrol bank. Customers came and gave me a card. What I do is, I swipe every card on the portable skimmers in my pocket. It can store up to 200 cards. I come home at night, connect the device to my computer, and get plastic cards and magnetic strips for 2 to 5 rupees. You can put the first card and write the first card data on it. You can put the second card and write the second card. This is the skimming technique. Instrument is called skimmer. That's why Reserve Bank of India removed the magnetic chip cards and asked us to bring the EMV chip based cards. You might have seen it. But still, in many ATM machines, we have magnetic chips. There are no chip readers. That's the point. But, there is always a step for the hacker.
55:40 I told you about skimmer, right? To read magnetic cards. That technique is called skimming. In the market, there is a shimmer already. SHIMMER. It reads chips. Oh my God! So, when you put a card in a point of sale machine, it puts a small chip, which is fake. So, automatically, what the shimmer does is, it duplicates your EMV chip card. It didn't come in the ATM, but it came to him. If you type in Google, in some countries, they have banned chip cards because they are getting duplicated. So if you type in Google, shimmer and shimming technique, EMV, chip card, duplicator, the difference is, shimmers are slightly costly, skimmers are cheaper. That's the difference.
56:27 Plus, to duplicate a magnetic chip card, each card costs 2 rupees. If you put a chip, it will cost 175 to 200 rupees. That's a bit more expensive. But for fraudsters, if you spend 200 rupees and arrange 40,000 rupees, that's not a big issue. That's the point. So, whenever you put a machine in an ATM card, the data goes to the bank switch. But what happened here is that the hackers have already compromised the bank. They are sitting on the server. So they are physically in their control. Whenever you put a card in an ATM machine, when you go from the ATM machine to the bank switch server, I told you once before,
57:14 When you type in a computer, the data doesn't go directly to the hard drive. First, it goes to the computer's memory. Okay. It goes from the RAM to the hard drive and gets encrypted there. How is your data in RAM? It is in plain unencrypted format. Okay? So, I sent you a RAT. That RAT will take the RAM data from your mobile phone or your computer. Ram, remember, malware. To put it simply, memory resident malware. And they are also called ram scrappers. They take the scrapkeen and take the password out. So, they accept it in their memory.
58:05 They put the message under approval. Without the bank's knowledge? Without the bank's knowledge. The message is not reaching the ATM server. Point number one. The bank is not aware of the transaction. I put a card in a foreign country. Visa went from there. Visa went to the bank. Visa knows the transaction is happening. Now, when the switch is down and the memory is down, if it is approved there itself, the bank doesn't know that the transaction is happening. That's why the bank doesn't know that so many transactions are happening. Because the approval has happened at the memory level. That's point number one. The second most important thing is, if you observe the pattern, the first time the fraudsters were caught, it went to Visa and from there to the bank.
58:54 The software didn't work properly. You have to press a number to get the pin number right. If the software doesn't work, the cards are not active cards. The pin number is not correct automatically, so all transactions are declined. That's why the first time I observed, the transaction declined. The next time, some transactions were approved and some declined. Because Once, they gave different slots to these card numbers. This card number will work from 1.30 to 2.30. These card numbers will work from 2.30 to 4.00. These card numbers. Because when he runs the program in the memory, if your card number is in his data bank, it will be approved. If not, it will go normally. At that time, you can go and do the transaction. If it is approved here, it will go to the other bank. It will go to the original bank.
59:50 So genuine transactions have improved. So fraudulent transactions, in his software, he will approve the card number, Vamshi's card number. The bank doesn't know anything. What happened is, this happened in many banks than us. This ATM attacks happened in different global banks. So what he did was, he put a set of card numbers in slot 130 to 230. At that time, if you buy a card number, it will be charged 1000 rupees in Dark Web. Vamshi sir will tell you to go to any ATM and withdraw the money. You went and placed the card. But there was a decline transaction. Because the software that we had to run didn't work properly. So, in the first set of, everyone declined.
1:00:36 But in the second set, he put another set of card numbers, and it worked perfectly. In the second set, I always say that it is a decline. Why is it a decline? Because the first slot players are still trying. Theirs is declining, but the second one is improving perfectly. Finally, they decided to buy the card for Rs. 1000 and left. The next slot was given to them. It worked perfectly. They got everything approved. That was the transaction. In all these, the hacker software gave the slot to the card number.
1:01:17 They run the malware program there. So, when you get an ATM machine, it is captured in the memory and approved by the ATM. It doesn't verify anything in the switch. It doesn't care if your pin number is correct. It doesn't matter if you have money in your account or not. Thirdly, it doesn't matter if you pass the day limit or not. This is basically what happened in many countries. This is specifically in the Pattukar case. So, it was withdrawal in foreign countries. The first thing that Visa informed was why the transaction was declining. They sent it. It was improving a lot. They looked at the velocity management. We thought it would be normal for foreign countries to increase the daily rate of our bank.
1:02:08 But in the last hour, 2000 transactions were done. That is different from the contest. He had a doubt about that too. So, in that contest, he was caught. No one could stop this attack. Because these attacks are based on system understanding. Then, approval in the memory. Then, there are a lot of controls. That's another thing. But, this attack, no matter which bank it happened in, at that time, because there were no such controls at that time, it could not be stopped. This is one type of attack for this company. Whenever you have cyber attacks in the financial industry, it happens during continuous holidays. You must have heard of Bangladesh hack. That is considered as the biggest cyber hack in the banking industry. If you say cyber heist, it is Bangladesh hack. Similarly, there was a transaction on SIFT. Some 950 million US dollars. They did 35 SIFT transactions.