Articles about Financial Institutions

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

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

What do we do about a problem like Uber? Tom Slee speaks his brains

Interview Veteran software pro Tom Slee was one of the first critics of so-called “Sharing Economy” outfits like Uber and AirBnB. His forthcoming book What’s Yours Is Mine: Why The Sharing Economy Isn’t draws attention to the dark side of their operations – and strongly argues for regulation. But this creates a dilemma. They’re hugely …
Andrew Orlowski, 15 Jan 2016
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
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- …

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
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
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

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 …
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 …
OUT-LAW.COM, 08 Dec 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

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
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 …

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
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

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

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 …
John Leyden, 08 Oct 2014

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 …
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

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 …
OUT-LAW.COM, 14 Oct 2013
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
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 …
Kelly Fiveash, 18 Dec 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
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

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

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 …

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

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 …

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

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
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 ( …
OUT-LAW.COM, 07 Mar 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
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
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
Flag Romania

Romanian phisher confesses to scam targeting financial giants

A Romanian man has admitted he took part in a sophisticated phishing scam that targeted PayPal and at least nine other financial institutions by tricking their customers into giving up their account credentials. Ovidiu-Ionut Nicola-Roman, 22, of Craiova, Romania, pleaded guilty in federal court in Bridgeport, Connecticut, on …
Dan Goodin, 23 Jul 2008
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

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

Infosec 2013 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
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

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

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
channel

MiFID: Financial borders fall but small firms must beware

Pan-European regulation of large sections of the financial services sector comes into force today, but the benefits of the system will largely pass smaller firms by, according to the British Banking Association (BBA). The Markets in Financial Instruments Directive (MiFID) is a European Union directive aimed at allowing …
OUT-LAW.COM, 02 Nov 2007