'Wrong to Link ATM Heist to India'

First, the hackers, quite possibly insiders, broke into computer records at a few credit card processing companies, first in India and then the U.S. This has happened before but here's what was new: They didn't just take information. They actually raised the limit on prepaid debit cards kept in reserves at two large banks.
The next step was technically simpler, almost an arts-and-crafts activity.
Crime ring members in 27 countries ran used plastic cards, just about anything with a standard magnetic strip, through handheld magnetic stripe encoders, widely available online for less than $300. Those devices allow users to change information on magnetic stripes or to write new cards with a simple swipe.
In this case, the stripes were rewritten with information from the hackers. That allowed the thieves to turn the cards into gold, instantly transforming them into prepaid debit cards with unlimited amounts of money stored on them.

Telegraph India: India first victim in ATM heist chain