Dec 132017

Katherine Lofthouse reports:

UK banks will now have to publish complaints and security breach data as part of efforts to shake up Britain’s heavily consolidated industry.

This means that it is vital for banks to be transparent in order to increase customer trust says Fujitsu UK & Ireland, responding to the news.

Sarah Armstrong-Smith, head of continuity & resilience for the IT services and solutions provider, said: “What we’re witnessing now is the payments industry entering a period of intense structural change: for the first time banks will be forced to publish data on how many complaints and security breaches they have received.

Read more on Business Cloud.

Dec 042017

It’s hard to tell, but it sounds like skimmers were involved in this one? Dunya News reports:

Cyber hackers have stolen at least Rs 10million in a development that was reported Monday from some 600 bank accounts of multiple banks.

One of the victims of the hack, Habib Bank has informed State Bank of Pakistan (SBP) and Federal Investigation Agency (FIA) that has a dedicated cell for cyber crimes.

Read more on Dunya News.

Dec 042017

If you can’t prevent a breach, can’t you at least fake genuine concern?  You know, the “At <blahblahblah>, we take your privacy and security very seriously” bit?

Mark Flamme reports on a Key Bank breach where the bank’s response to notification of a problem is at least as problematic as the breach itself.

After a customer found himself with access to another customer’s complete history and details, he attempted to alert the bank.

“They told me, ‘Don’t worry. Just don’t worry.’ That’s all I can get out of them,” Brito said. “I sat on hold for 45 minutes for, supposedly, a supervisor who said, ‘Don’t worry. We’re taking care of it.’ I can look at a Connecticut man’s bank statements for the past 10 years. How is that a ‘don’t worry’ situation?”

The Sun Journal didn’t have any better luck. A call to a 24-hour hotline was answered by a representative who passed on a number for the Key Bank Corporate Headquarters Customer Complaint Resolution Department. Calls to that number, and to a third number for bank executive relations, were not answered.

A message left at the Complaint Resolution Department was not returned.

Read more on Sun Journal.

Now maybe the employee intended to be reassuring with the “Don’t worry,” response, but that was unsatisfactory to the now-worried customers. Think about what you could say in that situation that might reassure a customer.

Thanks to the reader who sent in this item.

Nov 302017

Darren Boyle reports:

A Russian man who ran a sophisticated computer hacking network which stole at least £2 million from the bank accounts of UK businesses has been jailed for nine years.

Vugar Mollachiev, 37, of Berkeley Gardens, north London, was sentenced to nine years imprisonment at Southwark Crown Court for conspiracy to defraud and money laundering, the Metropolitan Police said.

Evidence from a previous cyber crime investigation identified Mollachiev as being heavily involved in cyber criminality and online fraud.

Read more on Daily Mail.

Nov 132017

Malaysia’s CIMB Group Holdings said some magnetic tapes containing back-up customer data were lost during routine operations, but added that there has been no evidence that any data has been compromised, Reuters reported on Monday.

Malaysia’s second biggest lender said the tapes do not contain any authentication data such as pin numbers, passwords or credit card security numbers.

Read more on The Straits Times.