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Nine Charged with Fraud in Alleged Hack of Bank's Card Payment System

September 22, 2014 12:02 pm | by Associated Press | News | Comments

A Spanish judge charged nine people with fraud Sunday for allegedly participating in the theft of $45 million after a massive hacking of a bank's card payments system.  Judge Eloy Velasco of Spain's National Court said the suspects include seven Romanians and two Spaniards, who allegedly fraudulently extracted money from ATMs.

Video:Collaborating With Your Financial Institution to Sustain Economic Recovery

June 17, 2014 9:01 am | Videos | Comments

Lissette, Giorgi, VP Risk Manager at Wells Fargo and President of the Bay Area Chapter of the...

MasterCard, Visa Plan Group Focused On Security

March 10, 2014 11:13 am | by the Associated Press | News | Comments

Visa and MasterCard, which run the networks that carry the payments, said Friday the new group...

Target Breach Puts Corporate Tech Execs Under Fire

March 7, 2014 10:06 am | by BREE FOWLER, AP Technology Writer | News | Comments

Hackers are putting top technology executives under severe pressure. And this week's sudden...

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Weekly news and features for business continuity professionals

Cost Of Target Data Breach For Banks Tops $200M

February 19, 2014 10:05 am | by ANNE D'INNOCENZIO, AP Retail Writer | News | Comments

Financial institutions' bill for Target's massive data breach keeps rising. Costs related to the holiday data theft has now exceeded $200 million for financial institutions, according to data collected by the Consumer Bankers Association and the Credit Union National Association.  

PA Vendor Confirms Link To Target Data Probe

February 10, 2014 10:28 am | by JOE MANDAK, Associated Press | News | Comments

A western Pennsylvania heating and refrigeration contractor said it was the victim of a "sophisticated cyber attack operation" that is being investigated by the Secret Service and possibly linked to the data breach that enabled hackers to access millions of credit card numbers belonging to Target store customers. 

Three Arrested In Massive Cyber Bank Heist

February 10, 2014 10:16 am | by the Associated Press | News | Comments

In December 2012 and February 2013, crime ring members in 27 countries allegedly used stolen prepaid MasterCard debit card numbers to withdraw the millions from ATM machines. Several have already been arrested worldwide and two already convicted. 

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Nine First-Responders Die In Fire That Destroyed Bank Archives

February 5, 2014 1:07 pm | by MICHAEL WARREN, Associated Press | News | Comments

Nine first-responders were killed, seven others injured and two were missing as they battled a fire of unknown origin that destroyed an archive of bank documents in Argentina's capital on Wednesday. The fire at the Iron Mountain warehouse took hours to control and the sprawling building appeared to be ruined. 

Target Data Breach Pits U.S. Banks Against Retailers

February 4, 2014 10:26 am | by MARCY GORDON, AP Business Writer | News | Comments

Banks and America's big retailers are locked in a debate over the massive breach of millions of consumers' data that gripped Target Corp. during the holiday season. At issue: Which industry bears more responsibility for protecting consumers' personal information?

Credit Union Sues Target Over Breach

February 3, 2014 2:43 pm | by JOE MANDAK, Associated Press | News | Comments

A western Pennsylvania credit union is suing Target Corp. for the cost of reissuing debit cards to about 75 customers whose account information was compromised by computer hackers who stole 40 million credit and debit card numbers from the retailer's customers. 

SKorea Credit Card Data Theft Highlights Lapses

January 20, 2014 3:48 pm | by YOUKYUNG LEE, AP Business Writer | News | Comments

A massive theft of customer data from three major credit card firms in South Korea has shown security lapses in the financial industry. First revealed by prosecutors, the theft of information linked to 80 million credit cards such as salaries, monthly card usage, credit rating and card numbers has sparked widespread public concern. 

RBS Suffers IT Glitch On Cyber Monday

December 3, 2013 10:15 am | by the Associated Press | News | Comments

Royal Bank of Scotland customers found themselves unable to use debit or credit cards on the busiest shopping day of the year. Ross McEwan, who took over as CEO this year, apologized. He acknowledged the bank had failed for decades to invest properly in its systems and that it was working to set this right. 

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NY Surveying Banks On Cyber Security

November 21, 2013 3:32 pm | by KARL RITTER, Associated Press | News | Comments

New York financial regulators have surveyed more than 200 banks and other financial institutions about their cyber security and will soon expand their analysis to insurers with trillions of dollars of assets. Financial Services Superintendent Benjamin Lawsky says New York has "tempting targets" for computer crime. 

Nasdaq Options Market Halted, Closed After 'Technical Problem'

November 5, 2013 11:05 am | by KEN SWEET, AP Markets Writer | News | Comments

The Nasdaq shut down trading on one of its options markets Friday, the latest technical problem to hit the exchange. Nasdaq OMX said it halted trading at 10:36 a.m. Eastern Time and announced at 2:10 p.m. that it would shut down options trading for the rest of the day. Regular stock trading on the Nasdaq Stock Exchange was not affected.

Knight Capital Will Pay $12M For Trading Glitch

October 21, 2013 12:10 pm | News | Comments

Financial services company Knight Capital Americas will pay $12 million to settle charges it violated SEC rules in connection with a costly trading glitch in August 2012. The Securities and Exchange Commission said Wednesday that Knight didn't have adequate safeguards to limit the risks posed by its access to markets.

Eight Arrested In Cyber Theft From Barclays Bank

September 20, 2013 11:41 am | by GREGORY KATZ, Associated Press | News | Comments

Eight men have been arrested on suspicion of stealing 1.3 million pounds ($2 million) from a Barclays bank branch by tapping into its computers, British police said Friday. The gang is accused of installing a KVM device, or keyboard video mouse, on the bank's computer system that allowed it to carry out the cyber theft.

London Police Foil Cyber Bank Robbers

September 13, 2013 10:07 am | News | Comments

London police said Friday they arrested 12 men involved in a bold attempt to take control of a bank's computer in order to rob the institution. The men are accused of tampering with a computer inside a Santander bank branch to seize control of the bank's computer systems.

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Nasdaq Breakdown Puts Pressure On Crisis Work

August 23, 2013 11:56 am | by MARCY GORDON, AP Business Writer | News | Comments

The latest high-tech disruption in the financial markets increases the pressure on Nasdaq and other electronic exchanges to take steps to avoid future breakdowns and manage them better if they do occur. The three-hour trading outage on the Nasdaq stock exchange Thursday also can be expected to trigger new rounds of regulatory scrutiny on computer-driven trading.

Technical Glitch Halts Nasdaq Trading

August 23, 2013 9:50 am | by MATTHEW CRAFT, AP Business Writer | News | Comments

A mysterious glitch halted trading on the Nasdaq for three hours Thursday in the latest major electronic breakdown on Wall Street, embarrassing the stock exchange that hosts the biggest names in technology, including Apple, Microsoft and Google.

Five Charged In Massive Hacking Ring That Targeted Major Corporations

July 25, 2013 1:26 pm | by SAMANTHA HENRY,Associated Press | News | Comments

Four Russian nationals and a Ukrainian have been charged with running a sophisticated hacking organization that over seven years penetrated computer networks of more than a dozen major American and international corporations, stealing and selling at least 160 million credit and debit card numbers, resulting in losses of hundreds of millions of dollars.

As Cyber Attacks Detonate, Banks Gird For Battle

July 16, 2013 11:17 am | by CHRISTINA REXRODE & MARCY GORDON,Associated Press | News | Comments

It's a war game, Wall Street style. Banks large and small are girding for an elaborate drill this week that will test how they would fare if hackers unleashed a powerful and coordinated attack against them.                                

BAE Systems Detica Named Category Leader In Enterprise Fraud Management Solutions For Financial Services

May 28, 2013 8:10 am | News | Comments

BAE Systems' Detica NetReveal® solution has been positioned a Category Leader in the Enterprise Fraud Management Solutions 2013 RiskTech Quadrant™(1) from Chartis. Financial crime is a growing area of concern for financial institutions with new threats continuously emerging. The rise of mobile and internet channels coupled with the harsh economic climate means that fraud is on the increase. 

Internal 'Software Issue' Shuts U.S. Options Exchange

April 26, 2013 10:56 am | by BERNARD CONDON & STEVE ROTHWELL,AP Business Writers | News | Comments

Some on Wall Street shrugged off the outage. "I don't think it is too big of a deal if it's a one day thing. If it keeps happening, of course, that's different," said Ryan Detrick, a senior technical strategist at Schaeffer's Investment Research.

Rentsys Recovery Services Announces New Customer On-Boarding Process

April 8, 2013 10:48 am | News | Comments

Rentsys Recovery Services, a provider of comprehensive disaster recovery solutions for banks, credit unions, mortgage lenders and other organizations, announced the launch of its new Customer On-Boarding Process. The on-boarding process was designed to prepare financial institutions for a more efficient recovery following a disaster and to prepare for an audit. 

Germany: Robbers Dig 100-Foot Tunnel To Raid Bank

January 15, 2013 10:09 am | News | Comments

German police say robbers dug a 30-meter (100-foot) tunnel into the safe deposit room of a Berlin bank and escaped with their haul, setting a fire as they left to cover their tracks. Berlin police spokesman Thomas Neuendorf says the tunnel led from an underground garage into the bank's safe deposit room.

Redstone Federal Credit Union’s Redstone Consulting Group & Fusion Risk Management Announce Strategic Alliance To Deliver Continuity Risk Management Services To Credit Unions & Community Banks

November 5, 2012 10:39 am | News | Comments

Redstone Consulting Group and Fusion Risk Management will begin offering enterprise resilience management services and software centered on business continuity, crisis management and IT disaster recovery.  Offerings will leverage proven capabilities implemented at Redstone Federal Credit Union.

American Enterprise Bank Implements Multiple Hosted Solutions From Safe Systems

October 19, 2012 9:26 am | News | Comments

American Enterprise Bank operates a total of two branches with approximately $199 million in assets. The bank made the strategic decision to outsource critical components of its IT infrastructure and began gradually moving systems into a hosted environment.

Jack Henry Banking Announces Hosted High Availability Service

October 12, 2012 10:46 am | News | Comments

The Centurion Hosted High Availability service is operated from a secure facility in Branson, Mo., dubbed the "Mountain." Previously a dolomite rock mine, this hardened two million square foot facility is located 175 feet below ground and virtually impervious to natural disasters including hurricanes, floods, and tornados.

Cost Of Software Glitch For Knight Capital: $440 Million

August 3, 2012 11:38 am | by CHRISTINA REXRODE & PALLAVI GOGOI, AP Business Writers | News | Comments

 Knight Capital Group said the problem was triggered when it installed new trading software, which resulted in the company sending numerous erroneous orders in 140 stocks listed in the New York Stock Exchange. Those orders were behind some sudden swings in stock price. 

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