Articles about Financial Institutions

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 …
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

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 …

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
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
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

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
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

BIGGEST THREAT to Europe’s cybersecurity? Hint: not hackers

Forget cyber-espionage, cyber-warfare and cyber-terrorism. The biggest threat to Europe’s infrastructure cybersecurity are power outages and poor communication. On Thursday, ENISA (European Network and Information Security Agency) held its biggest ever cybersecurity exercise involving more than 200 organisations and 400 cyber- …
Crime in Russia

Hacker-hunters finger 'Keyser Soze' of Russian underground card sales

A hacker based in Odessa, Ukraine has become the main provider of data stolen from compromised credit cards, a new study claims. According to Russian cyber-security consultancy Group-IB, a person or persons operating under the pseudonym “Rescator” (AKA Helkern and ikaikki) uploaded details of over five million cards onto the …
John Leyden, 16 Oct 2014
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

America was founded on a dislike of taxes, so how did it get the IRS?

The eXpat files Welcome again to the eXpat files, our now-occasional visit with readers who've moved to a new land in search of adventure, sunshine and, in the case of this week's chap, bewildering and labyrinthine tax and credit regulations. The chap in question is David Hough, currently resident in Newark, California (not New Jersey). David's …
Simon Sharwood, 19 Apr 2015

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
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

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
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

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
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

'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

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

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 …
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

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
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

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
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 financial …
OUT-LAW.COM, 02 Nov 2007

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

Exclusive 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
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 …

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
channel

TSYS dials Dimension Data for financial support

Dimension Data and payment services firm TSYS have teamed up to target financial institutions in Europe, the Middle East, and Asia with improved managed services. Dimension Data's call centre subsidary Merchants will support TSYS' managed services division to provide back-office, cross-selling, and up-selling functions to card …
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

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

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

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

iPhone 5 imperilled by Sharp's 'huge' problems with tellies

Japanese electronics firm Sharp has warned that it might not be able to keep going as a company, a situation that could put pressure on supply of iPhone 5s. Sharp's consumer electronics division is dragging it down and growth in its components business won't be enough to save it on its own, financial results show. "As operating …
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
The Register breaking news

Amazon, eBay, banks snub anti-fraud DNS tech, sniff securo bods

Despite the best attempts of security vendors, neither online stores nor the financial industry seem particularly keen to adopt DNSSEC tech - an anti-fraud mechanism that makes it difficult for fraudsters to spoof legitimate websites. DNSSEC (DNS Security Extensions) uses public-key encryption and authentication to guard against …
John Leyden, 18 Feb 2013
The Register breaking news

South Korean TV and banks paralysed in disk-wipe cyber-blitz

Banks and TV stations in South Korea have been hit by a debilitating attack on their computer networks. Three financial institutions - Shinhan, Nonghyup and Jeju - and two insurance firms as well as broadcasters KBS, MBC and YTN have either been partially or completely crippled by malware, it appears, according to South Korean …
John Leyden, 20 Mar 2013
The Register breaking news

Nextgen connects data centres for cloud boom

The rise of cloud based services and data centre proliferation has prompted Nextgen Networks to launch a premium grade transmission service connecting nominated data centres in mainland capital cities. Offering up to 10 Gbps, the Data Centre Connect service is available on Ethernet, SDH or Fibre Channel interfaces. Nextgen says …
SOURCE: http://www.sxc.hu/photo/959469

Five charged as Feds bust largest credit-card hack in history

Federal prosecutors in New Jersey say they've busted what could be the biggest credit card hacking fraud in US history, with companies such as NASDAQ, 7-Eleven, and Dow Jones falling prey to an Eastern European criminal gang. According to the indictment, the gang stole data on up to 160 million credit cards and then sold them on …
Iain Thomson, 26 Jul 2013
The Register breaking news

Banking IT cowboys 'need whipping into shape by watchdog'

The technology underpinning the UK's financial services sector needs urgent investment if regulators are to be able to spot potential abuses and prevent future financial crises, an influential report has claimed. Intellect, the trade association for the UK technology sector, said in its report (62-page/5MB PDF) that banks should …
OUT-LAW.COM, 09 Aug 2012
MasterCard's DisplayCard includes a hard token one-time password generator

Singaporeans get hard token baked into credit card

Two-factor authentication just got a whole lot more convenient for residents of Singapore, after Standard Chartered Bank's local outfit teamed with MasterCard to offer account-holders a credit card that is also a one-time-password-generating hard token. MasterCard calls the device a 'Display Card' and says it includes “an …
Simon Sharwood, 08 Nov 2012
The launch explosion, captured in a Sea Launch video

Inquiry ordered after phone exchange blaze

The Australian government has launched an inquiry into the communications collapse that ensued after a fire engulfed a pivotal Telstra exchange last week. The fire wiped out communications for a large portion of South Western Victoria at Telstra’s Warrnambool telephone exchange hub, leaving over 60,000 residents without fixed …
The Register breaking news

New 'Madi' cyber-espionage campaign targets Iran AND Israel

Security researchers have discovered a new cyber-espionage campaign targeting victims in the Middle East. Kaspersky Lab and Seculert identified more than 800 victims located in Iran, Israel, Afghanistan and elsewhere in the course of monitoring control servers associated with cyber/espionage operation over the last eight months …
John Leyden, 17 Jul 2012