Articles about Financial Institutions

Hacked sarcasm

JPMorgan CYBER-HEIST: 9 US financial firms snared by 'Russian hackers', says report

Russian hackers with "loose connections" to Vladimir Putin's government were reportedly behind the massive JPMorgan cyber-heist understood to have hit 83 million households and businesses in the US. According to the New York Times, nine other Stateside financial institutions were also targeted by wrongdoers involved in the huge …
Kelly Fiveash, 05 Oct 2014
The Playmobil bank set, complete with armed robber

Banks, UK.gov must work together to beat cyber-nasties

Government must work closely with UK banks to improve financial institutions' infrastructure and resilience to cyber attacks, the Bank of England has warned. Banks currently view cyber attacks as a "technical" problem, rather than an issue which merits "board-level attention," it said on Tuesday in its Financial Stability Report …
Kat Hall, 16 Dec 2014
Night scene of bank station in central london

London police chief: City bankers, prepare for a terrorist cyber attack. Again

+Comment Western financial institutions should prepare themselves for cyber attacks from Islamic militants, the head of the City of London police warns. Commissioner Adrian Leppard urged preparations ought to be put at hand during a security conference in New York. According to the FT, he singled Islamic State of Iraq and the Levant (aka …
John Leyden, 19 Nov 2014
Orange Credit Card

.Bank hires Symantec to check credentials

The launch of new .bank domain names is one step closer with the announcement [PDF] that Symantec has been chosen to act as the credentials verifier for the top-level domain. Dot-bank domains represent a new type of domain name - one restricted to a very specific group of people in order to enhance security. Banks and financial …
Kieren McCarthy, 10 Dec 2014
spark fun electronics rotary dial mobile phone

Lame phone dodgers fleece finance's foolish and fat fingered

Scammers are attempting to fleece a hundred top US financial companies by registering phone numbers close to those in use by the firms, engineer Scott Strong says. Of some 600 top financial institutions across the US, 103 or about 20 percent had scammers register their numbers with only the last few digits altered in a bid to …
Darren Pauli, 19 Nov 2014
Photo of a stack of $100 bills

Apple Pay is a tidy payday for Apple with 0.15% cut, sources say

Banks and credit card providers are paying a hefty price to be part of Apple's new Pay system, unveiled by boss Tim Cook earlier this week. According to the Financial Times, which cited two people familiar with the terms inked between Cupertino and interested parties, 15 cents of a $100 purchase will be pocketed by Apple. As …
Kelly Fiveash, 13 Sep 2014
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
Apple iPhone 6

Bonking with Apple has POUNDED mobe operators' wallets

Weve, the bonk-tastic joint venture between EE, O2 and Vodafone to “create and accelerate the development of mobile marketing and wallet services in the UK”, has abandoned plans to launch a digital wallet. This follow on the heels of having lost £25m, on revenues of £13m in its first year, doing the mobile marketing stuff – as …
Simon Rockman, 16 Sep 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 …

US retail giant Target fails to get banks' MEGABREACH lawsuit slung out of court

Target has failed in is attempt to persuade a judge to reject lawsuit by banks harmed by losses following the US retail giant's megabreach. US District Judge Paul Magnuson ruled that Target played a "key role" in permitting cybercriminals to infiltrate its computer networks. Because of this, a lawsuit by banks seeking to recoup …
John Leyden, 03 Dec 2014
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

Rejoice, Blighty! UK is the TOP of the WHOLE WORLD ... for PHISHING

British punters are being served three times as many phishing links to trojans and exploit kits than the US, and five times more than the Germans, according to a ProofPoint study. The security researchers say that while the English were being served more malicious links, Germans were hit with the greatest amount of unsolicited …
Darren Pauli, 16 Sep 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 …
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
Reckless Getaway

Osborne ponders giving fleeing bank customers an API getaway car

Banks will have to use standardised application programming interfaces (APIs) to make it easier for customers to move their accounts to rival services, the British government has said. In his Autumn Statement last week, Chancellor George Osborne announced that the government would launch a "call for evidence" on "how to deliver …
OUT-LAW.COM, 08 Dec 2014
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
chart

UK server market is BACK... to business as usual

Call it a slide, a slump - whatever the preferred adjective - it was back to business as usual for the downbeat UK server market in Q2 as those dratted big iron systems tumbled off the edge of a cliff again. Not every vendor had a tough time, but overall factory revenues declined eight per cent year-on-year in dollar terms to $ …
Paul Kunert, 08 Sep 2014
Puss considers how to respond to PayPal marketing overtures

What could possibly go wrong? Banks could provide ID assurance for Gov.UK – report

Personal data could be stored by banks and used to verify the identity of individuals that wish to use government digital services, according to a new report. A pilot study undertaken by Lloyds Banking Group found that there is scope for banks to act as identity (ID) assurance providers for online government services (14-page/ …
OUT-LAW.COM, 05 Sep 2014
Infosec

Cybersecurity? Nothing to do with us, mate – Google and Facebook

Google, eBay, Facebook, Yahoo! foursquare and Microsoft want nothing to do with the proposed new EU cybersecurity law. In an open letter to Europe’s telco ministers last week, CCIA (the Computer & Communications Industry Association) said the proposed Network and Information Security (NIS) Directive should excluding internet …
Jennifer Baker, 12 Nov 2014

Salesforce: Oh no! Dyre RATs are thirsty for our customers' logins

Salesforce has warned that miscreants are trying to infect its customers with a remote access trojan (RAT) dubbed Dyre that siphons off Salesforce.com login data. "On September 3, 2014, one of our security partners identified that the Dyre malware (also known as Dyreza), which typically targets customers of large, well-known …
Iain Thomson, 08 Sep 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- …

In dot we trust: If you keep to this 124-page security rulebook, you can own yourname.trust

NCC Group has published a set of security standards that you'll have to follow if you want to operate a .trust website. The company owns the rights to sell dot-trusts, and uploaded the 124-page policy document [PDF] earlier this month. It provides a technical rundown covering network security to secure DNS settings, and NCC …
Kieren McCarthy, 22 Oct 2014

World leaders rubber-stamp tax recoup effort at G20 gabfest

The leaders meeting of the G20 group of nations has endorsed existing approaches to combating international legal-but-naughty tax avoidance schemes. Tax was on the agenda of the weekend gabfest because most G20 members are painfully aware that their balance sheets don't look great, in part because multinational companies have …
Simon Sharwood, 16 Nov 2014
Edward Snowden

CloudFlare: You get SSL, and you get SSL, EVERYBODY GETS SSL!

CloudFlare announced today it will extend SSL support to customers who use its free cloud-based web hosting service. The firm said its Universal SSL program will allow said customers to encrypt and secure web traffic between visitors and websites cached by CloudFlare. CloudFlare will provide SSL certificates that are valid for …
Shaun Nichols, 29 Sep 2014
cloud

Fujitsu, Intel tilt at hyperscale storage with Ceph-powered arrays

Fujitsu is taking another tilt at software-defined storage hardware by announcing that it's going to create a line of appliances that will combine Intel hardware with the Ceph file system. The Japanese company was for some time the only server-maker to bother bundling NetApp's Virtual Storage Appliance. Virtual arrays have …

Big Data's being held back by little talent, says Huawei head techie

Big data projects – seen by some as the tech industry’s latest snake oil and others as a potentially valuable tool to dig up fresh information – is being held back by the lack of data scientists for hire. This is according to Ron Raffensperger, Huawei’s chief techie for the IT product line that sits within its Data Centre …
Paul Kunert, 17 Sep 2014

Revealed: Malware that forces weak ATMs to spit out 'ALL THE CASH'

Video Thieves are sneaking malware dubbed Tyupkin into ATMs to force them to cough millions of dollars, we're told. The crims don't need to use stolen or cloned cards. Instead, fraudsters infect the ATM's on-board PC, and later type a special combination of digits on the PIN keypad to drain the machine of banknotes – that's according …
John Leyden, 08 Oct 2014

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

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

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
Diver peers through sub window. credit: Alexander Rist  http://www.sxc.hu/profile/OwnMoment

'I went from a two-hour commute to a 10-min scooter ride by the sea'

eXpat Files Welcome to another instalment of The eXpat Files, in which we chat to Reg readers who've decided to make a go of it in a foreign land. This week, meet Eric Manfra, who's moved from the USA to balmy Bermuda. The Register: How old are you and where do you live in the USA, when you're there? Manfra: I'm 33 and hail from New …
Simon Sharwood, 12 Oct 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

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

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 …
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

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

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 …

UK banks ill-prepared for return of the rabid POODLE

The latest evolution of a high-profile security flaw potentially exposes UK banks' web site traffic to eavesdropping. The POODLE (Padding Oracle On Downgraded Legacy Encryption) security flaw first surfaced in October and was thought to affect only the obsolete - but still widely used - Secure Sockets Layer (SSL) 3.0 crypto …
John Leyden, 15 Dec 2014
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

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
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