Covid-19 Outbreak SA Online Resource | More info
Insurance, Car Insurance, Funeral Cover, Life Insurance, Budget Insurance, Insurance Quotes, CompareGuru, South Africa.
Car and Household
Business
Life and Funeral
Car Insurance
Cover your vehicle
More Information
Get Quote
Pre-Owned Warranty
Cover the mechanical and electrical components of your vehicle
More Information
Get Quote
Extended Warranty
Cover the mechanical and electrical components of your vehicle
More Information
Get Quote
Scratch and Dent
Cover small dents, chips and scratches to your vehicle
More Information
Get Quote
Tyre and Rim
Cover damages to your wheels
More Information
Get Quote
Home Insurance
Cover your home and everything in it
More Information
Get Quote
Commercial Vehicle Insurance
Protect vehicles and drivers used in the day-to-day operation of your business against risks like financial loss, damage or personal injury.
More Information
Get Quote
Commercial Insurance
Provide cover against common risks and disruptions to business operations, such as theft, damage to property, employee / client injury and much more.
More Information
Get Quote
Directors and Officers Liability
Safeguard your business and key players from financial loss with the right policy.
More Information
Get Quote
Errors and Omissions Liability
Covers your business and employees against claims of negligence, poor workmanship, and more.
More Information
Get Quote
Life Insurance
Provide for your loved ones
More Information
Get Quote
Disability Insurance
Protect your paycheck
More Information
Get Quote
Serious Illness Insurance
Cover yourself for illnesses like cancer, Alzheimers, Parkinsons, strokes or heart attacks.
More Information
Get Quote
Funeral Cover
Protect your family financially and cover funeral expenses
More Information
Get Quote
Domestic Worker Insurance
Cover the person that looks after you and your family everyday
More Information
Get Quote

News Room

Banking Cyber Crime on the Rise

Compare Guru
2014-04-03
A group of top U.S. regulators on Wednesday warned about the threat of rising cyber-attacks on bank websites and cash machines, urging the industry to put proper measures in place to guard against fraud.

A group of top U.S. regulators on Wednesday warned about the threat of rising cyber-attacks on bank websites and cash machines, urging the industry to put proper measures in place to guard against fraud. The Federal Financial Institutions Examination Council (FFIEC) said it had seen a rise of so-called denial-of-service attacks on bank websites, which were sometimes a cover for criminals committing fraud. The group described one recent case in which criminals stole $40 million from just 12 accounts – far exceeding the actual balance held by clients – in a sophisticated scheme known as an “Unlimited Operations” fraud.

Massive client data breaches at retailers Target Corp and Neiman Marcus Group LLC put the focus on cybersecurity last month, leading banks and retail groups to join forces to try and fix the issues. The problems described by the FFIEC, which comprises top officials from the Federal Reserve and other bank regulators, are of a different nature, if no less harmful. In the “Unlimited Operations” fraud, criminals might begin an attack by installing malicious software on a bank’s computers through phishing emails, and then hack into control panels to raise limits on how much a cash machine can dispense. In the final phase, the criminals withdraw large amounts of money from a number of cash machines within four hours to two days with stolen bank cards, often on weekends because that is when there is more money in the machines.

Such operations can be accompanied by a denial-of-service attack, in which a bank’s website is flooded with information requests so that it slows down or completely stops working for clients with legitimate requests. There was an increase in such attacks in the latter half of 2012, the FFIEC said, although these were often also launched by politically motivated groups. In 2012, Ally financial Inc, Bank of America Corp, Wells Fargo & Co and other banks suffered denial of service attacks. Sources at the time told Reuters the attacks could be part of a year-long cyber campaign waged by Iranian hackers to protest against an anti-Islam video on the Internet.

This article first appeared on BusinessTech: http://businesstech.co.za/news/internet/55255/banking-cyber-crime-on-the-rise/

CompareGuru Social TwitterCompareGuru Social FacebookCompareGuru Social LinkedIn

Sign up to our Newsletter now, and don’t miss a beat.

Email Address
Name
Sign Up