28 June 2012 6:42am

Security researchers McAfee say they have uncovered a form of banking fraud that employs "server-side components and heavy automation". McAfee put the maximum single fraud at €100,000.

In a white paper prepared with Guardian Analytics and published this week, McAfee said the "operation combines an insider level of understanding of banking transaction systems with both custom and off the shelf malicious code and appears to be worthy of the term 'organized crime'."

The study found 60 servers processing thousands of attempted thefts from high-value commercial accounts and from...