Articles about banking

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

Mo' money mo' mobile payments... Security risks? Whatever!

Analysis A survey on global mobile wallet adoption, published Tuesday, has sparked a lively debate about how banks and fintech might face off in the expanding market for mobile payments. Global payments software firm ACI Worldwide found that security concerns, while present, are not holding back uptake. Steven Murdoch, a security …
John Leyden, 6 Sep 2017

RBS sharpens axe again: 900 IT jobs to go by 2020

The Royal Bank of Scotland is planning to show 40 per cent of its London-based IT staff the door by 2020, according to Unite the union. The mostly taxpayer-owned bank is also preparing to cut contractor numbers by 65 per cent, the union said. The announcement would mean around 650 permanent staff and 230 contractors could …
Rebecca Hill, 15 Aug 2017
Human iris. Photo by SHutterstock

The eyes have IT: TSB to roll out iris-scanning tech for mobile banking

TSB has announced plans to roll out iris-scanning technology for its mobile banking app from September. The move will make the UK high street bank the first in Europe to debut iris-scanning tech. TSB's iris recognition tech [source: TSB] Biometric authentication for banking, in general, has become commonplace over recent …
John Leyden, 20 Jul 2017

No big deal. You can defeat Kaspersky's ATM antivirus with a really fat executable

Flaws have been found and fixed in Kaspersky Lab's security software for cash machines and other embedded systems. Hackers can exploit the bugs to circumvent anti-malware defenses in ATMs. Although Kaspersky responded promptly to the discovery and developed and released a patch, one wonders how long it will take for the …
John Leyden, 13 Jul 2017
Power outage

Nationwide banking suffers its own Black Wednesday

Nationwide Building Society is having a wobbly web Wednesday with customers getting only intermittent access to online and app-based services. Reports that not all was well first surfaced on Twitter – echo chamber for the angry – some 19 hours ago, but a flurry of complaints about the Brit building society's app showed up 12 …
Paul Kunert, 5 Jul 2017

50th anniversary of the ATM opens debate about mobile payments

Analysis Today marks the 50th anniversary of the Automated Teller Machine (ATM), the first of which was installed outside Barclays Bank, Enfield Town in north London. Actor Reg Varney from '70s sitcom On the Buses was the first to use the cash machine. Fast forward half a century and cash machines have become a familiar high street …
John Leyden, 27 Jun 2017
Angry Judge

Hacker exposed bank loophole to buy luxury cars and a face tattoo

A UK hacker who stole £100,000 from his bank after spotting a loophole in its systems has been jailed for 16 months. Unemployed James Ejankowski, 24, of Bridlington, squandered his ill-gotten gains by splurging on a BMW and a Range Rover, and getting his face tattooed (as shown in a story in the Teeside Evening Gazette here). …
John Leyden, 20 Jun 2017

Banking websites are 'littered with trackers' ogling your credit risk

A new study has warned that third-party trackers litter banking websites and the privacy-invading tech is being used to rate surfers' creditworthiness. Among the top 10 financial institution websites visited in the US and UK, there are 110 third-party trackers snooping on surfers each time they visit. Online privacy firm …
John Leyden, 15 Jun 2017

Ta-ta, security: Bungling Tata devs leaked banks' code on public GitHub repo, says IT bloke

Staff at Indian outsourcing biz Tata Consultancy Service uploaded a huge trove of financial institutions' source code and internal documents to a public GitHub repository, an IT expert has claimed. Jason Coulls, CTO of food safety testing company Tellspec and a former banking software developer, said he stumbled upon the …
Iain Thomson, 12 Jun 2017
shutterstock_ledger_check

Bank of Canada finds flaws with current blockchain solutions

Underpinning wholesale payment systems with distributed ledger technology (DLT) would introduce greater costs and risks for institutions than those which apply under existing wholesale payment systems, the Bank of Canada has said. However, a study carried out by the Bank of Canada, into the feasibility of using DLT to create …
OUT-LAW.COM, 1 Jun 2017

Banking association calls for end of 'screen-scraping'

The European Banking Federation (EBF) has asked the EU Commission to support a ban on "screen scraping". Screen-scraping services, seen as a first-generation direct access technology, allow third parties to access bank accounts on a client’s behalf using the client's access credentials. The Revised Directive on Payment …
John Leyden, 18 May 2017

ATM security devs rush out patch after boffins deliver knockout blow

Updated A firm that supplies security software for cash machines has updated its technology after researchers uncovered a number of serious shortcomings. Flaws in GMV's Checker ATM Security technology created a means for hackers to remotely run malicious code on a targeted ATM. The CVE-2017-6968 vulnerability opened the door to all …
John Leyden, 3 May 2017
Mobile banking, image via Shutterstock

It's paydaygeddon! NatWest account transfers 'disappearing' (not really)

There's drama aplenty for NatWest customers this morning as account transfers are “disappearing” according to aggrieved customers. Here in Blighty it's a pleasant payday Friday morning, and the fine folk of this country are paying their rent and counting the pennies in preparation for their monthly evening of expensive …

SWIFT on security: Fresh anti-bank-fraud defenses now live

Inter-bank data comms biz SWIFT says it has introduced mechanisms to better protect money transfers from tampering. We're told the fresh defenses will make it easier for banks to track movements of money. The payment controls are part of SWIFT's Customer Security Programme, a set of mandatory IT and physical security …
Shaun Nichols, 13 Apr 2017

Devs bashing out crappy code is making banks insecure – report

The rush to improve system functionality is leading developers to knock out subpar code, posing a threat the security of major systems around the world, according to an extensive report. The software quality of financial applications is worse than that of those in telecoms and retail, according to the report. The study ( …

Cybersecurity rules toughened up for NY financial firms

Major financial firms operating in New York need to comply with tougher cybersecurity rules that came into effect this week. The regulation [PDF] by the New York State Department of Financial Services (DFS) covers issues ranging from the maintenance of written policies, testing, governance and auditing, to detection, defence …
John Leyden, 3 Mar 2017
US Flag and money

US account holders more likely to switch banks following fraud

Account holders in the US are more likely to switch banks in the aftermath of fraud, according to a new study. Researchers at Carnegie Mellon University found that people who had their information compromised were more likely to terminate their relationship with the bank within six months of a fraudulent event, even if they …
John Leyden, 17 Feb 2017

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