The US Justice Department (DOJ) charged eight defendants for having participated in two worldwide cyberattacks that caused $45m in losses on the global financial system in a matter of hours.

These eight are alleged to have formed the New York-based cell of an international cybercrime organisation.

Seven of them have already been arrested by the US prosecutors.

The cybercrime organisation used sophisticated intrusion techniques to hack into the systems of global financial institutions, steal prepaid debit card data, and eliminate withdrawal limits.

The US DOJ said the eight indicted defendants and their co-conspirators targeted New York City and withdrew about $2.8m in a matter of hours.

US Attorney Loretta Lynch said: "As charged in the indictment, the defendants and their co-conspirators participated in a massive 21st century bank heist that reached across the Internet and stretched around the globe."

"In the place of guns and masks, this cybercrime organization used laptops and the Internet," Lynch said.

"Moving as swiftly as data over the Internet, the organization worked its way from the computer systems of international corporations to the streets of New York City, with the defendants fanning out across Manhattan to steal millions of dollars from hundreds of ATMs in a matter of hours."

The US DOJ said the cyberattacks employed by the defendants and their co-conspirators in this case are known in the cyber underworld as "Unlimited Operations".

According to the government’s filings, between October 2012 and April 2013, the defendants and their co-conspirators conducted two Unlimited Operations.

On 22 December 2012, they carried out their first operation targeting a credit card processor that processed transactions for prepaid MasterCard debit cards.