05 Jan 2021

Federally Chartered Banks and Thrifts May Participate in Independent Node Verification Networks and Use Stablecoins for Payment Activities

Yesterday, the Office of the Comptroller of the Currency (OCC) released a letter stating that national banks’ and federal savings associations’ had the authority to participate in independent node verification networks (INVN). The letter also clarifies that these entities can use stablecoins to conduct payment activities and other bank-permissible functions.

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17 May 2019

Authorities Takedown GozNym Cybercrime Group That Stole an Estimated $100 Million

A cooperative effort by Europol, Eurojust and law enforcement agencies from the US, Georgia, Ukraine, Moldova, Germany and Bulgaria has resulted in the takedown of an organized cybercrime network that stole around $100 million by targeting dozens of financial institutions in North America with the GozNym banking Trojan. The criminals

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11 Apr 2019

Finance Remains Most Attacked Sector Globally Six of the Past Seven Years

A new NTT security report shows that 17% of all cyberattacks in the past year targeted the financial sector. The technology sector also accounted for 17% of attacks in 2018, but finance has been the most targeted industry for 6 of the last 7 years. Other highly targeted industries were

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08 Apr 2019

Half of online banks allow hackers to steal your money

Recent research indicates that financial institutions are tragically falling short in their responsibility to provide customers with secure solutions for online banking and other digital financial services. While a recent study by Aite Group and Arxan Technologies found major security shortcomings in financial apps, Positive Technologies last week released a

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03 Apr 2019

How financial institutions are risking customer data through insecure mobile apps

New research from Aite Group and Arxan Technologies has found major security shortcomings in mobile applications offered by various financial institutions. Of the 30 apps that were inspected, 29 could easily be reverse-engineered because the code was not sufficiently protected, while 27 applications shared services with other software and 25

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25 Feb 2019

Credit card details worth nearly $3.5 million put up for sale on hacking forum

In the past month, three large collections of stolen payment card data have been uploaded to a major underground marketplace. Two of the dumps involved data on 69,189 Pakistani payment cards, including PIN codes. The cards were offered for $50 per unit, which could enable the criminals behind the dump

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19 Feb 2019

Hackers Use Compromised Banks as Starting Points for Phishing Attacks

A new report by Group-IB indicates that cyber attacks on financial institutions can create a domino-effect when threat actors use their foothold on a breached network to infiltrate the systems of connected organizations in other parts of the world. Group-IB has seen various real world instances of these kinds of chain

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14 Feb 2019

Bank of Valletta suspended all operations in wake of cyber attack

In a relatively rare indecent, a large bank has temporarily ceased all operations after threat actors breached its systems. On Wednesday morning, the Maltese Bank of Valletta (BOV) discovered that hackers were making illicit transfers totaling €13 million ($14.65 million) to various accounts overseas. While the bank blocked the transfers

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18 Jan 2019

Ongoing Attacks Hit West African Financial Institutions Since Mid-2017

Financial institutions in Cameroon, Congo (DR), Equatorial Guinea, Ghana and Ivory Coast have been targeted by unknown threat actors in a cyberattack campaign that started in mid-2017 and is still ongoing. According to security researchers with Symantec, the attackers have been using a variety of open-source and off-the shelf malware tools including

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15 Jun 2018

Turkey’s economy could shrink 10%-20%

In what is being compared to Greece’s economic crisis, Turkey has taken measures to stop the rapid decline of its currency. These, measures, however, have not succeeded in propping up other struggling areas of the economy, most notably its equity markets and the credit quality of its banks. Turkey’s top

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