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Articles about Financial Institutions

Uncov chronicles the failure of Web 2.0

BAE retracts hedge fund hack allegation

BAE Systems Applied Intelligence has retracted allegations of a nasty attack on a hedge fund it floated on Canadian television a couple of weeks ago. The firm today told Bloomberg was just a scenario that it used for “illustrative” purposes. BAE has promised not to scare us all with hypotheticals any more. That promise is all …
Simon Sharwood, 03 Jul 2014
NSA's Fort Meade headquarters

Ex-NSA boss Alexander joins bankers' CYBER WAR COUNCIL

Former NSA head Keith Alexander has been tapped up to advise a new cyber war council for government and financial institutions in the US, according to Bloomberg. The biz news site has seen a proposal from the Securities Industry and Financial Markets Association (SIFMA) that suggests that the industry needs a committee of execs …
Goodwill

Goodwill's goodwill rocked as Feds probe bank card hacking scam

American charity Goodwill is being investigated by US federal authorities as the possible ground zero for a major debit and credit card security breach. But the company says it thinks it's in the clear. "Goodwill Industries International was contacted last Friday afternoon by a payment card industry fraud investigative unit and …
Iain Thomson, 22 Jul 2014
The US Cyber Command official seal

What is ex-NSA spyboss selling for $1m a month, asks US congressman

Representative Alan Grayson (D-FL) is pushing for a formal investigation into the activities of General Keith Alexander now that the former head of the NSA has started his own very expensive security consultancy. There is no evidence of any wrongdoing by Gen Alexander. Last week it was reported that Alexander, who retired from …
Iain Thomson, 26 Jun 2014
Night scene of bank station in central london

Bank of England seeks 'HACKERS' to defend vaults against e-thieves

The Bank of England is planning to hire ethical hackers to conduct penetration tests on 20 "major" banks and other financial institutions, it has been reported. The move appears to be a response to lessons learned during the Waking Shark II security response exercise last November. The exercise put merchant banks and other …
John Leyden, 24 Apr 2014
Puss considers how to respond to PayPal marketing overtures

Average chump in 'bank' phone scam is STUNG for £10,000 - study

UK consumers have lost more than £21m to "social engineering" scams where fraudsters impersonated bank employees and tech support since the beginning of the year, according to GetSafeOnline. A range of tactics including phishing emails, fraudulent phone calls asking for personal or financial information or phone calls from …
John Leyden, 26 Jun 2014

Feds charge three in brain-ache $15m Pentagon payroll pillage plot

Three men have been indicted in the US for trying to steal at least $15m by hacking into the Department of Defence's payroll service and customer accounts at 14 different financial institutions. The US Attorney's office in New Jersey has charged two men from Kiev in Ukraine, Oleksiy Sharapka and Leonid Yanovitsky, and a third …
Lehman Brothers London HQ

Enormo reseller Insight seeks experienced sales hands for City pad

Headhunters will be on red alert after Insight confirmed plans to establish a sales outpost in the City in a bid to snuggle up to existing and potential corporate customers. The firm has rented some space from an unspecified service delivery partner in Aldgate to rub shoulders with Kelway, Misco, Softcat, Computacenter and many …
Paul Kunert, 20 Mar 2014
78rpm records

Pop music, tech bubble... what could go wrong? Spotify said to be closer to IPO

Spotify could be making its much-rumoured market debut as soon as six months from now, after reportedly starting talks with investment banks for an IPO. Those chatty sources "familiar with the process" told Quartz that the music streaming service was considering going public in autumn this year. The report adds fuel to a well- …

Amazon wants in on single-credit-card biz

The mid-November launch of payment startup Coin generated a flurry of press, but in the background, Amazon has also taken an interest in a similar one-card-to-rule-them-all model. In one of those serendipitous moments that Google can provide, Vulture South was wondering about a completely different class of patents when we …

FBI floats $5 MEELLION bounty for alleged Chinese WMD purveyor

The US State Department has offered a $5m bounty for information leading to the arrest of Chinese businessman Li Fangwei for his alleged role as a major supplier of ballistic missile technology to Iran. The latest efforts are part of a major push by the Treasury, Justice, Commerce and State departments to get their hands on Li …
Phil Muncaster, 30 Apr 2014
Roughly 150kg of gold

Dutch banks get nod to inhale Amazon cloud

Dutch regulators have cleared Amazon's cloud for consumption by financial institutions within the country, validating the Amazon Web Services infrastructure for use even in tightly regulated industries. Though many technologists are skeptical of the use of cloud computing within industries such as the finance sector, especially …
Jack Clark, 30 Jul 2013

UK regulators: We will be CHECKING UP on banks' IT systems

UK regulators are to conduct a review later this year on how banks and building societies are managing the risk of IT outages affecting their business. Details of the review were contained in the Financial Conduct Authority's (FCA's) new business plan (52-page/4.56MB PDF). The FCA will undertake the review together with the Bank …
OUT-LAW.COM, 02 Apr 2014
Lloyds Banking Group logo

Lloyds Group probes server crash behind ATM, cash card outage

Lloyds Banking Group is investigating the cause of a Hewlett-Packard server failure it blames for taking down thousands of its ATMs and crippling cash cards at the weekend. The crash saw thousands of customers unable to withdraw money from their accounts or make payments using debit cards on Sunday afternoon. The outage left …
Gavin Clarke, 27 Jan 2014
Night scene of bank station in central london

Blighty's top moneymen: Hackers are SLURPING CASH direct from banks

Several UK banks have suffered actual financial losses as a result of cyber-attacks in the last six months, according to a Bank of England study. The Bank of England’s latest Financial Stability Report, published on Thursday, reiterates warnings about the risk posed by hacking attacks made six months ago when Andrew Haldane, the …
John Leyden, 29 Nov 2013

Korean credit card bosses offer to RESIGN over huge data breach

An IT contractor has been arrested over the theft of credit card and personal details of 20 million South Koreans. Investigators allege an IT worker at the Korea Credit Bureau copied names, social security numbers and credit card details of millions onto a USB stick before flogging them to a marketing firm. He has been charged …
John Leyden, 22 Jan 2014

Hey banks: Use Win XP after deadline? You'll PAY if card data's snaffled

Banks that use the Windows XP operating system will face a risk to their compliance with payment card data security rules if they continue to operate the software after Microsoft withdraws its extended support services, a US regulatory body has warned. Microsoft confirmed in 2010 that it would end "extended support" for Windows …
OUT-LAW.COM, 14 Oct 2013

Bechtolsheim's baby Arista Networks heads toward IPO

Networking startup Arista Networks is filing for an IPO as the scrappy biz tries to wrestle share away from incumbents like Cisco and Juniper. The profitable upstart filed its S-1 form with the US Securities and Exchange Commission on Monday. Arista Networks' chairman is Andy Bechtolsheim, the co-founder of Sun Microsystems. …
Jack Clark, 31 Mar 2014
Violin

Vodafone dodges UK corporation tax bill - AGAIN

Mobile carrier Vodafone defended its financial arrangements today as it coughed to yet another legal dodge of UK corporation tax payments by asking Brits to have some sympathy over the huge debt mountain it is sitting on. The multinational justified its actions by saying it was continuing to pump big sums of cash into Blighty by …
Kelly Fiveash, 18 Dec 2013
Night scene of bank station in central london

We want it HARDER: City bankers survive simulated cyber-war

A Bank of England-sponsored exercise designed to test how well financial firms handle a major cyber attack has uncovered serious communication problems. Waking Shark II, which took place in November, was meant to test how investment banks and financial institutions held under a sustained assault by hackers. The overall results …
John Leyden, 06 Feb 2014
big droplets falling from rain cloud

DON'T BOTHER migrating legacy apps to the cloud, says CTO

The president of the Open Data Centre Alliance has given sage advice to CIOs contemplating how they migrate their legacy platforms into the cloud: forget it and just dump your old code. But Correy Voo, whose day job is as infrastructure CTO at UBS, added this was likely a temporary dilemma as the coming wave of tech bosses, who’ …
Joe Fay, 27 Jun 2014

Target finally implements chip and PIN card protections

Embattled US big-box retailer Target, still struggling to handle one of the largest and most expensive card heists in history, is implementing chip and PIN payment card systems for its stores. The company on Tuesday said that it will be working with MasterCard to move all of its REDcard customer cards over to chip and PIN units …
Shaun Nichols, 29 Apr 2014

Wells Fargo gathers bank 'n' gov bigwigs to discuss Bitcoin 'rules'

America's biggest bank, Wells Fargo, has called together finance execs, virtual currency experts and US government officials to talk about the "rules of engagement" when it comes to virtual money Bitcoin. The bank's anti-money laundering chief, Jim Richards, has started a group to investigate potential Bitcoin services or …

Telstra Borgs O2 networks for hit of services oxygen

Melbourne-based O2 Networks is the lucky recipient of a bag of cash from Telstra, which has paid $AU60 million for the business. O2 company has 370 customers and 100 staff, and according to Telstra “has designed, implemented and managed networks for clients including some of Australia’s largest financial institutions and …

People's Bank of China bans Bitcoin over 'drugs and guns' trade fears

China has banned its banks from using Bitcoin after warning the cryptocurrency could be used to fund terrorism. Financial institutions in the Middle Kingdom will no longer be able to use Bitcoin, although citizens are free to spend the digital funny money. The People's Bank of China announced its decision in a statement …
Jasper Hamill, 05 Dec 2013
Canary Wharf at night

FCA drafts new rules to protect crowdfunders' lenders

Loan-based crowdfunding platforms will be required to hold a certain amount of capital in reserve to mitigate against the risk of their business failing and leaving lenders out of pocket, the UK's Financial Conduct Authority (FCA) has said. The regulator has announced a finalised regulatory regime for crowdfunding platforms (95- …
OUT-LAW.COM, 07 Mar 2014
Kindle Big Brother

Big Brother's software firm Palantir valued at $9 BEEELION

How much does it cost to buy out one of big brother's favored toolmakers? Around $9bn, according to a recent valuation of Silicon Valley darling Palantir. The "Big Data" analysis company made a Form D filing with the SEC on Thursday disclosing a $58m cash infusion, and other reports by The Wall Street Journal, The New York Times …
Jack Clark, 06 Dec 2013

Citadel botnet resurges to storm Japanese PCs

Citadel, the aggressive botnet at the heart of a widely criticised takedown by Microsoft back in June, is back and stealing banking credentials from Japanese users, according to Trend Micro. The security vendor claimed to have found “at least 9 IP addresses”, mostly located in Europe and the US, functioning as the botnet’s …
Phil Muncaster, 04 Sep 2013
balaclava_thief_burglar

Cardslurping kingpin caged for 18 years over Carderplanet forum

A Ukrainian national who co-founded the infamous cybercrime marketplace CarderPlanet has been jailed for 18 years following a lengthy US legal process that ran for more than a decade. Roman Vega, 49, eventually pleaded guilty in 2009 to conspiracy to commit money laundering and access device fraud offences – but he was only …
John Leyden, 13 Dec 2013
Ross Ulbricht

Money? What money? Lawyer for accused Silk Road boss claims you can't launder Bitcoin

An attorney for Ross Ulbricht, the man accused of masterminding the online drugs marketplace Silk Road, has asked that the money-laundering charges against his client be dropped on the basis that Bitcoin, Silk Road's preferred medium of exchange, doesn't count as money. Ulbricht was arrested in San Francisco in October after a …
Neil McAllister, 01 Apr 2014

China turns screws on Bitcoin with third party payments ban

The emperor’s-new-clothes world of Bitcoin trading suffered another major blow this week after reports emerged that China has banned all third party payment providers from offering clearing services for digital currency exchanges. The Middle Kingdom’s central bank, the People’s Bank of China (PBOC), met with over ten payment …
Phil Muncaster, 18 Dec 2013

94% of Brit tech bosses just can't get the staff these days, claims bank

No matter how optimistic British tech supremos may be, they're still battling to hire and keep skilled hands, according to a new study. This is a headline finding from the latest Innovation Economy Report by the Silicon Valley Bank (SVB). The financial institute surveyed 1,218 CEOs, CFOs and other executives around the world in …
Simon Rockman, 28 Apr 2014

Vulns, exploits, hacks: Trusteer touts tech to terminate troubles

Trusteer is expanding from its speciality of providing transaction protection security to financial institutions with an enterprise-level product designed to guard against zero-day exploits and social engineering. Unpatched application vulnerabilities in widely deployed endpoint applications (such as web browsers) can be given …
John Leyden, 24 Apr 2013
Bitcoin bloodbath

MtGox: Yup, we're pretty sure your Bitcoin were stolen. Sorry about that.

Defunct Bitcoin exchange MtGox has revealed a little more information about its problems, updating its sparse webpage with an “Application for commencement of a procedure of Civil Rehabilitation”. The new statement (with MtGox's punctuation intact) says that “At the start of February 2014, illegal access through the abuse of a …
Simon Sharwood, 04 Mar 2014
The Register breaking news

New target for 419 fraudsters: Struggling 'weak' banks

Desperate banks have become the target for so-called 419 advance-fee fraud scams. Increased regulatory scrutiny in the wake of the credit crunch and subsequent banking failures might be expected to deter banks from entertaining investment or deposit offers that come with up-front fees, payable by the bank, attached. But many …
John Leyden, 02 Aug 2012

Java updates too much of a bother? Maybe online banking's just not for you

Security researchers have spotted a surge in attacks against online banking customers, thanks to a new strain of Java-exploiting Trojan Caphaw (aka Shylock). Over the last month or so the malware has targeted customers in at least 24 financial institutions, including Bank of Scotland, Barclays Bank, First Direct, Santander …
John Leyden, 23 Sep 2013
The Register breaking news

'Most US banks' were DDoSed last year - survey

Nearly two-thirds of retail banks experienced at least one distributed denial of service (DDoS) attack in the past year, according to a new survey. In a new report, (12-page/941KB PDF) commissioned by Corero Network Security, 64 per cent of 650 IT and IT security experts from 351 banks said a DDoS attack had been carried out on …
OUT-LAW.COM, 24 Jan 2013

Mystery traffic redirection attack pulls net traffic through Belarus, Iceland

Tons of internet traffic is being deliberately diverted through locations including Belarus and Iceland, and intercepted by crooks or worse, security experts fear. Network intelligence firm Renesys warns that victims including financial institutions, VoIP providers, and governments have been targeted by the man-in-the-middle …
John Leyden, 22 Nov 2013
The Register breaking news

REVEALED: Cyberthug tool that BREAKS HSBC's anti-Trojan tech

Cybercrooks on an underground forum have developed a technique to bypass anti-Trojan technology from Trusteer used by financial institutions worldwide – including HSBC and Paypal – to protect depositors from cybersnoopers. Trusteer has downplayed the vulnerability and said it's in the process of rolling out beefed-up protection …
John Leyden, 06 Aug 2013

Blighty's National Crime Agency nabs first crook ...for £750k cyberscam

The new National Crime Agency has caged its first criminal - a crook who netted hundreds of thousands of pounds using a phishing scam. Olukunle Babatunde, 27, of Croydon, South East London, was sent down for five years and six months at Inner London Crown Court after admitting swindling £751,229 from more than 700 online banking …
Jasper Hamill, 10 Oct 2013

File-NUKING Cryptolocker PC malware MENACES 'TENS of MILLIONS' in UK

The infamous Cryptolocker malware, which encrypts your computer files and demands a payment of £534 ($860) to unlock them, may have been sent to "tens of millions" of Brits, Blighty's crime-busters warned today. According to an alert from the UK National Crime Agency (NCA), a fresh round of ransomware-loaded spam posing as bank …
Shaun Nichols, 15 Nov 2013
The Register breaking news

Global cop squad busts 36 credit card data-selling sites

An international team of cops has taken down 36 websites that were being used to shift vast quantities of stolen credit card and bank account data. The Serious Organised Crime Agency in the UK, along with the FBI and the US Department of Justice, and agencies from Germany, the Netherlands, Austria, Ukraine and Romania pulled the …

Quadrillion-dollar finance house spams Reg reader with bankers' private data

IT staff at the world's largest securities transaction clearing house are facing a rough few days after a Reg reader was inadvertently deluged with emails leaking session IDs, transfers, and account details for executives at big-name customers. The Depository Trust & Clearing Corporation (DTCC) handles the vast bulk of stock and …
Iain Thomson, 11 Dec 2013

Energy firms' security so POOR, insurers REFUSE to take their cash

Underwriters are reportedly refusing to insure energy firms because poor security controls are leaving them wide open to attacks by hackers and malware infestations. Lloyd's of London told the BBC they had seen a surge in requests for insurance from energy sector firms but poor test scores from security risk assessors means that …
John Leyden, 27 Feb 2014

The DARK HEART of the Twitter IPO: FAKE USERS

There's something missing in Twitter's S1 IPO prospectus. There's only a fleeting reference to the midichlorians that power the dark side of the "Twitter economy" - that is, fake accounts. A company's S1 document is supposed to list "the factors which the Company considers to be the most substantial risks to an investor in this …
Andrew Orlowski, 04 Oct 2013
The Register breaking news

Bank man: System's down, let's have coffee. Oh SNAP, where's all the CASH?

Cybercrooks are running distributed denial of service attacks as a smokescreen to distract bank security staff while they plunder online banking systems, according to a researcher. Avivah Litan, vice president at Gartner Research, reports that cyber criminals looking to attack financial institutions are getting more ambitious by …
John Leyden, 21 Aug 2013

Hackers just POURING through unpatched Internet Explorer zero-day hole

An as-yet-unpatched zero-day vulnerability affecting Internet Explorer is being abused much more widely than analysts had previously suspected. The vulnerability first came to public attention last week with the Operation DeputyDog attacks against targets in Japan, as first reported by net security firm FireEye. Websense, …
John Leyden, 01 Oct 2013
The Register breaking news

US general: Beware of Iran's Revolutionary Cyber-Guard

Cyber-attacks on Iran have forced the country to beef up its defences, with the result that the country's cyberwar capabilities have become far more complex, a US general has said. General William Shelton, who heads up the US cyber ops, told reporters during a briefing that Iran had responded to repeated computer virus attacks …
The Register breaking news

Verizon: 96 PER CENT of state-backed cyber-spying traced to China

Spooks carrying out state-sponsored cyber-espionage were responsible for one in five data breaches last year, researchers have claimed. New statistics contained in Verizon’s Data Breach Investigation Report 2012 found that 19 per cent of all attacks were carried out by agents acting on behalf of their government. Researchers …
Jasper Hamill, 23 Apr 2013
The Register breaking news

Alleged SpyEye big fish hauled in for US trial

Alleged SpyEye kingpin Hamza Bendelladj now faces a 23-count computer hacking and fraud indictment following his extradition from Thailand to the US last week. Bendelladj, a 24-year-old Algerian national, is suspected by the FBI of making millions from selling the SpyEye banking Trojan toolkit to cybercrooks through various …
John Leyden, 09 May 2013