Federal regulators just alerted banks across the country of a very dangerous new skill ATM hackers have picked up. They can trick ATMs into spitting out unlimited amounts of cash, regardless of the customer’s balance. Not only that, but also schedule the illicit withdrawals for holidays and weekends, when the ATMs are extra flush.
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Everybody’s favorite start up bank is no longer a startup. Simple has been acquired by BBVA, a massive multinational banking group with $820 billion in assets, for $117 million in cash. So say goodbye to your dream of future-forward, independent banking folks. Say goodbye.
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Criminals will go to all lengths
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Arguing that it is "not a currency in the real meaning of the word," Chinese authorities have banned financial companies from using Bitcoin. This is to "protect the status of the renminbi as the statutory currency, prevent risks of money laundering and protect financial stability." [New York Times]
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In 19th and early 20th century America, fledging banks depended on conveying stability and trust to their customers. That usually meant architecture—and the construction of pint-sized Greek and Roman monuments in towns all over the country.
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Come June 28th, Wall Street outfits including the likes of Citigroup and Bank of America will be under siege — from fake hackers, that is. Representatives from a total of 40 companies along with the Federal Reserve, Securities and Exchange Commission, US departments of Treasury and Homeland Security will take part in Quantum Dawn 2: a simulated cyberattack on faux trading and information systems. Led by the Securities Industry and Financial Markets Association, the drill will test the ability of participants to cooperate via email and phone to suss out what’s going on and hatch a plan. The exercise will momentarily pause so that those involved can decide on a course of action, and then it’ll speed up and model the effects of the decision over a longer period of time. With the recent flurry of hacking incidents and international finger pointing, something tells us this won’t be the last we hear of drills like Quantum Dawn.
[Image credit: MoneyBlogNewz, Flickr]
Filed under: Alt
Via: AllThingsD
Source: Reuters
If you regularly find yourself perplexed at ATMs, help is at hand. Bank of America has announced that it’s launching a new system that will allow you to hold a live video chat with bank staff to help guide you through your ineptitude. More »
This is so incredible that I think I’ve seen this in a movie before.* And if I didn’t, it should be put in a movie immediately. Genius bank robbers dug a 100 foot tunnel from a parking garage across the street to the bank’s safe deposit room and walked away with over $15,000,000 in goods. More »
A series of recent denial of service attacks on US banks are being blamed on Iran. According to the New York Times, “there is no doubt within the U.S. government that Iran is behind these attacks.” More »
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