Articles about banking

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
theft

Web banking malware slurps $1.2m for crooks, now kingpin 'fesses up

An online banking malware scam netted criminals $1.2m in stolen funds – and now one of the ringleaders is now facing hard time in the big house. In August 2015, a Long Island online banking customer had $44,000 moved out of their account after a software nasty infected their PC and stole the account's login credentials. The …
Iain Thomson, 6 Feb 2017
Boss leans back comfortably in desk. Pic via Shutterstock

Outage-hit Lloyds Bank in talks to outsource data centres to IBM

Exclusive In the week that Lloyds Banking Group suffered multiple outages, it has emerged the UK financial giant is negotiating to outsource management of its bit barns to IBM Global Business Services. Online services were interrupted on Wednesday and Thursday by unspecified technical glitches that prevented people from logging into …
Paul Kunert, 13 Jan 2017
Power outage

Black horse blacks out: Lloyds Bank website goes down

An unspecified glitch at Lloyds Bank Group prevented customers from logging into their accounts via a browser or app this morning. Services were unavailable for several hours during the outage, though the company kept mum on Twitter about the causes. “We are aware that some customers may have experienced issues logging on to …
Paul Kunert, 11 Jan 2017
DOor to a bank vault. Photo by Shutterstock

Rethink on bank cybersecurity rules might only follow major bank breach, says expert

It might take a major bank to fail as a result of a cyber attack for meaningful changes in cybersecurity practices, regulation and governance in the UK banking market to be implemented, a leading industry commentator has said. In an interview with Out-Law.com, professor Richard Benham, chairman of the National Cyber Management …
OUT-LAW.COM, 10 Jan 2017
Vodafone adds payment cards to mobile wallet

Banks 'not doing enough' to protect against bank-transfer scams

UK banks have been told they needed to go further protecting consumers against money transfer scams - a growing form of fraud. The Payment Systems Regulator said institutions must improve the way they respond to bank transfer scams and do more to identify fraudulent payments without advocating changes in liability for …
John Leyden, 16 Dec 2016

BlackEnergy power plant hackers target Ukrainian banks

The same hackers who turned out the lights at Ukrainian utilities last December have been running attacks against the same country’s banks over recent months. Security firm ESET reports that the gang slinging the TeleBots malware against Ukrainian banks shares a number of similarities with the BlackEnergy group, which …
John Leyden, 15 Dec 2016

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