Articles about banking

Botched upgrade at Belgian bank Argenta sparks phishing frenzy

Belgian bank Argenta has apologised for a botched tech plumbing upgrade that delayed transfers and confronted customers with incorrect balance data. The bank, which has 1.4 million Belgian customers, blamed the problems on post-upgrade issues with the data transfer mechanism between its two data centres, among other things. …
John Leyden, 6 Apr 2018
Hand pulls on a latex rubber glove (disposable). Photo by shutterstock

Co-op Bank's shonky IT in spotlight as delayed probe given go-ahead

An inquiry into The Co-operative Bank's financial collapse is to open four years after it was first announced by former UK chancellor George Osborne. The Treasury today directed financial regulator Prudential Regulation Authority (PRA) to conduct a review into how the bank was regulated between 2008 and 2013, before a £1.5bn …
Kat Hall, 6 Mar 2018
Image by LuckyN http://www.shutterstock.com/gallery-1795121p1.html

Crims pull another SWIFT-ie, Indian bank stung for nearly US$2m

A year after the SWIFT international bank transfer system enhanced its security, another breach has emerged: an Indian bank has confirmed that criminals gained access to its systems and made transfers totalling US$1.8 million. The Kumbakonam-based City Union Bank issued a statement [PDF] on Sunday February 18, in response to …
Man dressed as Santa claus runs away with loot in a bag.

Barclaycard website goes TITSUP*

Updated Barclaycard has admitted it is experiencing technical issues, with users complaining they can’t log in online or on their apps. According to DownDetector, the UK-based credit card biz's website has been experiencing problems since 8.40am this morning, GMT, with more than 200 reports within an hour. Barclaycard said on Twitter …
Rebecca Hill, 11 Dec 2017

Sloppy coding + huge PSD2 changes = Lots of late nights for banking devs next year

Poorly written code is leaving banks at greater risk of attack and poorly prepared for big changes in the financial sector due to come into effect early next year. CAST, an organisation that reviews the quality of code for businesses, recently reviewed over 278 million lines of code and reveals that out of 1,388 applications, …
John Leyden, 8 Dec 2017

Royal Bank of Scotland culls 1 in 4 branches, blames the interwebz

Taxpayer-owned Royal Bank of Scotland Group is shutting 259 branches and slashing 680 jobs, blaming the shift to customers banking online. The closures involve 62 RBS and 197 NatWest branches. So next time the bank has an outage, customers living in areas where branches have shut will just have to resort to bartering. An RBS …
Kat Hall, 1 Dec 2017
A piggy bank in a pile of pound coins

Does UK high street banks' crappy crypto actually matter?

The Register's recent story about the failure of most UK high street banks to follow web security best practices has provoked a lively debate among security experts. Tests of six banks revealed sketchy support for HTTP Strict Transport Security (HSTS), a cryptographic technology introduced in October 2012 and designed to …
John Leyden, 16 Nov 2017
Thumbs down frownining emoticon

Frowns all round as Smile and Co-op online banking goes down

The online services for the Co-operative Bank and its digital-only arm Smile are both out of action. Users have been complaining about outages since 8.40am this morning, with hundreds of reports on DownDetector and multiple angry tweets aimed at the banks. Hello @bankwithsmile the website is saying there are technical …
Rebecca Hill, 6 Nov 2017

ATM fees shake-up may push Britain towards cashless society

Thousands of free-to-use cash machines could be axed from Britain's high streets due to plans to cut fees that fund the network, banking industry group LINK warned last week. LINK has a strategy to minimise the impact to consumers due to a proposed reduction in fees over the next four years from around 25p to 20p per cash …
John Leyden, 6 Nov 2017
Mobile banking, image via Shutterstock

El Reg assesses crypto of UK banks: Who gets to wear the dunce cap?

Analysis High street banks should be exemplars of good security but many are letting the side down when it comes to following cryptographic best practice. Tests by security researcher Scott Helme and The Register showed a marked divergence in performance. We assessed the security of online login sites run by six UK high street banks …
John Leyden, 3 Nov 2017
Lloyd's Horse logo on building

Black Horse Down: Lloyds Banking Group goes TITSUP*

Lloyds Bank, Halifax and Bank of Scotland’s online and mobile banking services have all gone down this morning, leaving a trail of angry customers in their wake. According to DownDetector, the major problems started as early as 9.40am on Thursday morning, with more than 2,000 reports coming in across all three banks. Hundreds …
Rebecca Hill, 2 Nov 2017

Kubernetes bug ate my banking app! How code flaw crashed Brit upstart

Monzo, a UK online banking startup, suffered an outage on Friday for over an hour due to a four-month-old Kubernetes bug. The Fatal Flaw, as the event might be titled by author Lemony Snicket, took down a complete production cluster, according to Oliver Beattie, head of engineering for Monzo, "through a very unfortunate series …
Thomas Claburn, 31 Oct 2017

Co-op Bank's users moan over online wobbles

Updated The Co-op Bank's online service appears to be experiencing wobbles as customers complain they can't get in. Over 100 folks in the UK have reported problems with the website and online banking since 10:10 UTC on downdetector.com. Although the website homepage and many other links appear accessible, attempts to sign into online …
Andrew Silver, 13 Oct 2017
bank robbery

Overdraft-fiddling hackers cost banks in Eastern Europe $100m

Hybrid cyber attacks on banks in former Soviet states has already resulted in estimated losses of $100m. Security researchers at Trustwave report today that cybercriminals are using mules to open accounts with counterfeit documents while hackers compromise the bank's systems to obtain unauthorised privileged access and break …
John Leyden, 10 Oct 2017
rage

Royal Bank of Scotland customers say digital services gone TITSUP

Updated Royal Bank of Scotland customers have been reporting an inability to log into digital banking services this morning. Down Detector shows that more than 100 users have complained of issues logging into their accounts through mobile devices and web browsers. Some have also contacted the bank on Twitter. @RBS_Help RBS digital …
Andrew Silver, 6 Oct 2017
Natwest symbol wall

NatWest customer services: We're aware of security glitch

Brit retail bank NatWest is backtracking on previous claims that it was aware of a security glitch at the log-in stage that requested customers to enter more digits of their password than existed. A little over a week ago, a potential security issue emerged when this writer was asked to enter the 11th digit of a password to an …
Jane Fae , 28 Sep 2017
Illustration of a "bitcoin" dissolving into numbers. Photo by SHutterstock

Bank for central banks admits decentralised cryptocurrencies are a pretty good idea

The Swiss-based bank for the world's central banks has argued that there's a lot to gain if they offer decentralised cryptocurrency to consumers. In a report published Sunday, the Bank for International Settlements (BIS) stopped short of an official policy recommendation, but admitted that there were clear privacy advantages …
Andrew Silver, 18 Sep 2017
Woman stares at laptop screen, shocked. Pic by shutterstock

HSBC biz banking crypto: The case of the vanishing green padlock and... what domain are we on again?

HSBC has been faulted for redirecting business customers to a website that is not obviously secure. Rob Jonson, director of Hobbyist Software, who alerted us to the issue, was concerned that he'd fallen victim to a phishing scam. I logged into my HSBC business account, and the site failed to give me any info. Then I looked …
John Leyden, 8 Sep 2017

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