More than 100 banks and other financial institutions in the US, Europe and 30 other countries have lost an estimated US$1 billion to a hacking ring that operates from Russia, China and Europe, cyber security firm Kaspersky Laboratory said.

While not a single bank has come forward to report losing millions to these hackers, Kaspersky said it has seen evidence of as much as US$300 million in theft, with other banks losing at least US$10 million each.

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The hackers were able to penetrate the bank's internal computers through malwares that record every move of bank tellers and finance officers. The malwares then transmit the data it recorded to the hacking ring.

Using the stolen data, which include passwords and transaction histories, the hackers then transfer millions of dollars into dummy accounts set up in other countries.

An evidence of the hacking activity, Kaspersky said, was a European bank whose automated teller machine suddenly dispensed thousands of dollars even as no one was operating the machine.

When bank officials conducted an investigation, they soon found out that the case was more than just a malfunctioning ATM machine. The machine had been accessed by the hacking ring.

With a non-disclosure agreement being observed by banks and financial institutions, no concrete data on how much the hacking ring has already stolen is available as of this time.

Kaspersky said majority of the targets were in the United States and Europe but many were also in Japan and Russia.

The Russian security company Kaspersky Lab says the hackers have been active since at least the end of 2013 and hit at least 100 banks in over 30 countries. It is unclear exactly which banks were affected.

Alluding to the hacking ring, US President Barack Obama has urged the US congress and other lawmakers around the world to pass a law that would require banks and financial institutions to disclose publicly any breach that would compromise financial or personal information.

TagsHacking Ring, cybersecurity, Bank Hacking