A series of hacks perpetrated against so-called “smart meter” installations over the past several years may have cost a single U.S. electric utility hundreds of millions of dollars annually, the FBI said in a cyber intelligence bulletin obtained by KrebsOnSecurity. The law enforcement agency said this is the first known report of criminals compromising the hi-tech meters, and that it expects this type of fraud to spread across the country as more utilities deploy smart grid technology. . . .
Citing confidential sources, the FBI said it believes former employees of the meter manufacturer and employees of the utility were altering the meters in exchange for cash and training others to do so. “These individuals are charging $300 to $1,000 to reprogram residential meters, and about $3,000 to reprogram commercial meters,” the alert states.
The FBI believes that miscreants hacked into the smart meters using an optical converter device — such as an infrared light — connected to a laptop that allows the smart meter to communicate with the computer. After making that connection, the thieves changed the settings for recording power consumption using software that can be downloaded from the Internet. . . .
The bureau also said another method of attacking the meters involves placing a strong magnet on the devices, which causes it to stop measuring usage, while still providing electricity to the customer.