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
firing range - target in cross hairs

Banks team to paint shared target on Target

Financial institutions pursuing retailer Target have had a significant win after the US District Court said they can run a class action against the company. Target infamously managed to leak 40 million credit card numbers in 2013 and has been paying for its mistake ever since, spending up big on laywers and handing over US$ …
Simon Sharwood, 17 Sep 2015
The Playmobil bank set, complete with armed robber

Banks, 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

Visa mobilises its money out of mobile money firm Monitise

Once a stock market darling, mobile money expert Monitise is to lose Visa Europe as a major shareholder. The finance multinational has announced that it will “reduce its shareholding over time”. Visa Europe has steadily bought into Monitise, spending £2.1m in August 2012 when shares were around 30p, £15.6m in August 2013 when …
Simon Rockman, 08 Jul 2015
Policeman claps in London street

Europol and Barclays shack up for steamy security shenanigans

EU law enforcement body Europol and Barclays have signed a Memorandum of Understanding (MoU) to formalise their cooperation in combating cybercrime targeting the financial sector. The agreement establishes a formal means for Europol and Barclays to "exchange strategic information, information on trends, expertise and statistical …
Central Intelligence Agency

CIA-funded spy data safe Palantir doubles in value in 18 months

CIA-backed Big Data analytics outfit Palantir is about to embark on a fundraising round that will value the biz at $20bn (£13bn), according to reports. The funding comes off the back of bumper forward revenues this year, sources have told The Financial Times [paywall]. It means Palantir will become one of the most valuable …
Kat Hall, 24 Jun 2015

Dyre banking VXers LOVE Mondays, Symantec says

Nobody can accuse trojan coders of being lazy; the masterminds behind the Dyre banking malware are putting in full five-day working weeks to maintain some 285 command and control servers handling stolen banking credentials. The malware is one of the worst in circulation using its fleet of command and control servers to handle …
Darren Pauli, 25 Jun 2015
Bitcoin is the future of money CC 2.0 by Jonathan Waller

The United States' first official BitCoin exchange goes live

The first government-approved BitCoin exchange in the US has gone live. As we predicted last week, the New York State Department of Financial Services (NYFDS) has given itBit Trust Company the first charter to be a virtual currency in the world's financial center. NYFDS superintendent Benjamin Lawsky said of the decision: "We …
Kieren McCarthy, 07 May 2015

Bank-heist malware's servers phone home to Russian spookhaus

Trend Micro researcher Maxim Goncharov says one of the world's most sophisticated and dangerous bank-robbing trojans is now pointing to Russia's Federal Security Service (FSB). Goncharov says the Carbanak trojan's command and control servers now point to the FSB in what could be a joke or gaffe by malware authors. Carbanak in …
Darren Pauli, 25 May 2015

Phone scamming up 30 percent last year: Report

Retail and finance call centre phone scamming in the US is up 30 percent according to research. The 2014 findings are based on some 86 million scam calls a month picked up by Pindrop Security in which attackers aimed to obtain personal information on potential victims. The phone security company says one in 2200 calls are …
Darren Pauli, 18 Jun 2015
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
Headshot of Trojan horse

Banking trojan scourge gallops on, despite more fences

RSA 2015 Banking botnets persist as a threat despite recent high-profile takedowns which only achieve a temporary calming effect, according to a new study from Dell SecureWorks. Between mid-2014 and early 2015, coordinated efforts involving law enforcement and private-sector industry disrupted three of the most active banking botnets ( …
John Leyden, 23 Apr 2015

Comparex: Just two buyers left in sales negotiations

Microsoft reseller titan Comparex has whittled down its list of prospective buyers to just two, The Channel can reveal. A sales process for the pan-regional reseller began some months ago with investment bank Jefferies sending out a commercial prospectus or Information Memorandum. Sources in the investment community told us …
Paul Kunert, 18 Sep 2015
US cashpoint. Pic: Tax Credits

'Self-deleting' Mexican ATM malware let sneaky miscreants slurp cash

Security researchers have lifted the lid on a new ATM malware strain, dubbed GreenDispenser, which gives crooks the ability to walk up to a compromised machine and drain its cash. When installed, GreenDispenser displays an “out of service” message on the ATM – but attackers who enter the correct pin codes can then drain the …
John Leyden, 25 Sep 2015

Bitcoin blackmail gang start hurling DDoSes at Scandinavia

Bitcoin extortionists DD4BC have begun targeting Scandinavian companies with complex DDoS attacks. DD4BC is blackmailing targets by asking them to pay 40 bitcoins or more to avoid their central services being subject to DDoS attacks. Extortionate demands typically appear in emails around an hour after targets are blitzed off the …
John Leyden, 09 Jun 2015
Night scene of bank station in central london

Finally, a decent use for big data: Weeding out crooked City traders

Financial institutions in London could use "big data" technology to pinpoint malpractice by City traders in future, a panel advising the Bank of England has said. The Market Practitioner Panel (MPP) said existing methods of monitoring for illegal trading practices, such as "key word surveillance", were flawed and that deploying …
OUT-LAW.COM, 24 Feb 2015
Headshot of Trojan horse

Vawtrak challenges almighty ZeuS as king of the botnets

Crooks behind Vawtrak, a dangerous banking Trojan, are ramping up its reach and sophistication, security firms have warned. Vawtrak currently ranks as the single most dangerous threat, according to PhishLabs. Only Zeus and its many variants (GameOver, KINS, ZeusVM, Zberp, etc.) taken as a single malware "family" would outrank …
John Leyden, 27 Dec 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

Verizon splits with carrier-led bonking and invests in SimplyTapp

Verizon Ventures has invested in NFC technology company SimplyTapp. What makes this interesting is that SimplyTapp is a cloud-based service using Host Card Emulation (HCE) for the security element in Android phones. Operators have traditionally supported the rival Single Wire Protocol (SWP) standard and Vodafone recently teamed …
Simon Rockman, 08 Jun 2015
Bank vault

Romanian rozzers round up alleged $15 MILLION ATM cybercrim gang

Romanian police have arrested 25 people who are suspected of being part of a cyber-crime gang that organised $15m in fraudulent bank withdrawals. The Romanian Directorate for Investigating Organized Crime and Terrorism (DIICOT) searched 42 houses across the country on Sunday in connection with more than 34,000 fraudulent cash …

Russian hacker, nabbed in Spain, cops 4+ years for Citadel botnet

Dimitry Belorossov – a Russian cyber-criminal who used the Citadel banking trojan – has been sentenced to four years and six months in a US prison after pleading guilty to conspiring to commit computer fraud. Belorossov, who was known by criminal associates as Rainerfox, was alleged to have operated a Citadel command and …
Bank vault

Bank of England could mint own brand of Bitcoin

The Bank of England (BoE) has issued a piece of research suggesting, among other things, that it may not be a bad idea for it and other central banks to issue digital currencies. The “One Bank Research Agenda Discussion Paper” is the BoE's attempt to kick-start new banking thinking. The paper therefore considers five themes, …
Simon Sharwood, 26 Feb 2015
hands waving dollar bills in the air

Fancy a .trust domain? How's $150,000 sound?

The NCC Group has revealed how much it expects to sell new .trust domains for: $150,000. And that's just the wholesale price. The idea for the new domains is that they will be super-secure. Back in October, NCC Group published an extensive security rulebook that all .trust domains will be expected to follow. The company is …
Kieren McCarthy, 22 Dec 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

Starbucks denies mobile app hack, blames careless customers

Starbucks has rebuffed claims that its mobile app has been hacked, in the wake of reports that scores of its US customers have suffered from credit card fraud. The coffee chain’s US customers have been reporting the theft of hundreds of dollars from their credit cards, in a series of scams seemingly linked to auto top-ups on the …
John Leyden, 15 May 2015
Fraud image

Webcam-snooping spawn of ZeuS hits 150 banks worldwide

The latest evolution of the online bank account raiding Trojan ZeuS is the webcam-spying Chthonic malware, according to researchers. Chthonic infects Windows PCs, and allows criminals to connect to the compromised PC remotely and command it to carry out fraudulent transactions. The software nasty is targeting customers of more …
John Leyden, 19 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

Open Compute Project testing is a 'complete and total joke'

Comment Facebook's Open Compute Project testing is sub-standard and doesn't follow well-established industry procedures, according to The Register's sources. The Open Compute Project (OCP) was formed in 2011 and involves the Facebook-initiated design of bare-bones computer equipment that can supposedly be built, installed and operated …
Chris Mellor, 07 Jul 2015
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

Sydney's Bugcrowd lands $6m from venture capitalists

Vulnerability mercenary outfit Bugcrowd has scored $6 million in Venture Capital funding. The Series A funds for the crowd-sourced security testing outsourcer have been provided by Costanoa Venture Capital, Rally Ventures, Paladin Capital Group and Australian outfit Blackbird Ventures. Bugccrowd founder Casey Ellis says the …
Darren Pauli, 16 Mar 2015

LICK THAT ATM: Diebold and Corning debug displays

Ponder, for a moment, whether the person ahead of you in the queue to use an automatic teller machine (ATM) washed their hands after their last visit to the bathroom. What's that you say? You'll use your card instead? Can't blame you: the prospect of mashing your hands on touch-screens or buttons used by who-knows-how-many …
Simon Sharwood, 09 Jan 2015
Apple phone payement.

UK banks prepare for Apple Pay 'invasion', look to slap on bonking protection

Analysis Apple's attempt to launch its NFC payment solution in the UK could be thwarted by some financial institutions' concerns over privacy and security issues surrounding Cupertino's "invasion" of the banking industry. The system, which has been developed with the credit card companies, has been tried by two million iPhone 6 users in …
Simon Rockman, 30 Dec 2014

Hackers break the bank to the tune of $300 MEEELLION

A series of bank hacker heists have hit more than 100 financial institutions, say Kaspersky researchers, and more than US$300 million appears to have walked as a result. The attacks targeted employees at as-yet-unnamed banks with malware dubbed Carbanak that gave access to corporate networks, giving criminals access for more …
Darren Pauli, 16 Feb 2015
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 …
Scrooge McDuck

Oracle data centre offers its back end to banking upstart

Oracle is becoming a British banking back end, with its data centres about to start holding the money and details of some of the UK’s wealthiest citizens. Hampden & Co, due to launch in the first quarter of 2015, has picked Oracle’s Flexcube as its core banking platform, the database giant said Tuesday. Unlike other Flexcube …
Gavin Clarke, 15 Jan 2015
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

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
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

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 …
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

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
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

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
Minority report precogs

Mind-reading DNS security analysis offers early warning for APT attacks

The application of predictive algorithms to DNS data may be able to spot malware sites before they serve up nasties. Security firm OpenDNS is applying ideas from natural language processing to automatically identify malicious domains using a prototype tool called NLPRank, as a blog post by the firm explains. Utilising natural …
John Leyden, 06 Mar 2015

Visa: One million bonks a month for Europeans from next year

There is a quote attributed to Visa International that NFC has had “more pilots than the RAF”. Well, that may or may not be true, but what's beyond doubt right now – according to Jeremy Nicholds, Executive Director, Mobile, Visa Europe – is that people will soon be using mobile phones to tap to pay. And he’s prepared to put a …
Simon Rockman, 26 Feb 2015
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

The Great Windows Server 2003 migration: How to plan your trip

Think switching OS is bad? There are just weeks left to migrate away from Windows Server 2003 before support for the operating system runs out. At this point, if a CIO hasn’t yet taken action, CEOs should be getting involved. After all, if a business is insecure and non-compliant, that’s a corporate governance issue On July 14 …
Danny Bradbury, 29 Jun 2015
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

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
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- …