Tag Archives: banks

Swift attacks on financial institutions continue

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The Bangladesh Central Bank is not the only financial institution to have suffered a cyber attack via its use of the Swift system, it has been revealed. Swift is a financial messaging system commonly used across the world to move huge sums of money and the latest attack will send… Read more »

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HSBC suffers days of online banking downtime

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HSBC, one of the world’s leading banks, struggled last week to repair its online banking system which didn’t function properly for over two days. Business accounts were performing slowly and personal banking customers were not able to log on at all. HSBC stated that it had not been subject to… Read more »

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Charges brought in massive US financial hacking

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US prosecutors have brought charges against three men following a sustained hack attack, probably the largest in US history, over a three year period spanning 2012 to 2015. One of the alleged culprits is American Joshua Aaron and the remaining two are Israeli, Gery Shalon and Ziv Orenstein. A fourth… Read more »

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Remote access ruse latest cyber fraud development

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The latest development in cyber attacks has been revealed by a group called Financial Fraud Action, an organisation set up by the financial services industry. This new crime occurs when fraudsters trick companies into allowing them remote access to their systems and persuade employees to transfer large sums of money… Read more »

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£20m stolen from UK bank accounts through widespread malware

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It has been revealed that powerful malware called Dridex has been quietly creaming off money from UK bank accounts, netting £20m and particularly affecting those who don’t regularly keep an eye on their transactions. Dridex works by taking small amounts of money that are more likely to go unnoticed. UK… Read more »

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Businesses bear burden of cyber attacks

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An interesting gap has come to light in the protection offered by US banks to businesses who fall victim to cyber theft. Whilst a private individual is protected by legislation from theft of their funds electronically, businesses may not be even though they may be owned by a single person…. Read more »

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Barclays Bank hacks own systems to find weaknesses

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The new head of Information Security at Barclays Bank, Troels Oerting, has set up a team of internal hackers tasked with accessing the bank’s computer systems in order to identify any flaws or weaknesses before real hackers find them first. This move reflects a growing trend in the private sector… Read more »

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IT problems cause processing failures at RBS

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UK bank RBS has encountered processing problems again after around 600,000 transactions failed to complete across the bank’s customer network. This is the second time the bank has gotten into difficulty; in 2012, a system failure left many customers unable to gain access to their accounts, a failure for which… Read more »

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NY regulators toughening cyber security requirements

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Financial regulators in New York are clamping down on cyber defence practices in banks and other financial institutions as a way of boosting security across the industry. The state’s top regulator said that they are looking into the possibility of requiring more complex computer certifications and sign-ins. Banks and insurance… Read more »

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Cyber theft by Nigerian IT worker

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Police are on the hunt for a Nigerian IT worker based on his alleged role in co-coordinating a £25m ($40m) cyber-theft at a bank in Abuja where he worked. Godswill Oyegwa Uyoyou is being sought by Nigeria’s Economic and Financial Crimes Commission (EFCC). A wanted notice claims he helped conspirators… Read more »

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