The Secret Service has issued a warning to banks about a new cyberattack on ATMs in the United States called “jackpotting.”

It’s being called a “sophisticated crime” where thieves force ATMs to dispense large amounts of cash on demand.

Jackpotting sounds like someone is winning big, but this time that “someone” is a thief who has overthrown an ATM’s security system.

“They take the top hat off an ATM, rework the system inside of the ATM, to spit out money at a really quick rate, emptying all the cash that it has inside the ATM.

The Secret Service has warned financial institutions to be on the lookout for jackpotting over the next week, based on its investigation of ATM crimes in several parts of the country.

Sean Phillips from GreyCastle Security adds jackpotting isn’t a new concept. 

Phillips says, “It hasn’t been in the United States until recently, but it’s been in Europe, Asia and even in Mexico last year.”