Category Archives: Banking

Vista Equity takes minority stake in Canada’s Vena with $242M investment

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Vena, a Canadian company focused on the Corporate Performance Management (CPM) software space, has raised $242 million in Series C funding from Vista Equity Partners. As part of the financing, Vista Equity is taking a minority stake in the company. The round follows $25 million in financing from CIBC Innovation Banking last September, and brings […] Continue reading Vista Equity takes minority stake in Canada’s Vena with $242M investment→

Fed chair deems cyber threat top risk to financial sector

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Federal Reserve Chairman Jerome Powell said he is on alert for cyberattacks against U.S. financial systems and companies, above and beyond any other risks to the economy. “The world evolves. And the risks change as well,” Powell said during an interview aired Sunday on CBS 60 Minutes, noting he is far more concerned about a cyber incident than he is about encountering a collapse akin to the global financial crisis of 2008. “And I would say that the risk that we keep our eyes on the most now is cyber risk.” Other government agencies and major companies — in particular financial companies — are also on alert, Powell said. Particularly of concern to Powell are scenarios in which cyberattacks cripple financial institutions to the point that they can’t track payments or to the point that payment systems don’t function. “There are scenarios in which a large payment utility, for example, breaks […]

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Details of a Computer Banking Scam

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This is a longish video that describes a profitable computer banking scam that’s run out of call centers in places like India. There’s a lot of fluff about glitterbombs and the like, but the details are interesting. The scammers convince the victims to give them remote access to their computers, and then that they’ve mistyped a dollar amount and have received a large refund that they didn’t deserve. Then they convince the victims to send cash to a drop site, where a money mule retrieves it and forwards it to the scammers.

I found it interesting for several reasons. One, it illustrates the complex business nature of the scam: there are a lot of people doing specialized jobs in order for it to work. Two, it clearly shows the psychological manipulation involved, and how it preys on the unsophisticated and vulnerable. And three, it’s an evolving tactic that gets around banks increasingly flagging blocking suspicious electronic transfers…

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Ukrainian gets US prison term in decade-old cybercrime, money-laundering case

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In a case that stretches back to a much simpler era for cybercrime, a Ukrainian man was sentenced Thursday to more than seven years in prison after pleading guilty to helping launder money for Eastern Europeans who hacked into U.S. bank accounts. The U.S. Department of Justice said Aleksandr Musienko, 38, agreed to an 87-month prison term and $98,751.64 in restitution under the plea deal. From 2009 to 2012, Musienko, who sometimes used the alias Robert Davis, “partnered with Eastern European computer hackers to obtain over $3 million from U.S. victims’ bank accounts and launder the stolen funds from U.S. bank accounts overseas,” the department said Thursday in announcing the deal. Musienko ran a network of “money mules” as part of the scheme, prosecutors said. The FBI’s Charlotte, North Carolina, office took the lead in prosecuting Musienko, focusing on a specific fraud case in that state. According to a 2016 […]

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Banking Industry Faces Surge in Cyber Security Challenges

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  Cybersecurity attacks are evolving, getting more sophisticated, more frequent, and spreading worldwide. It seems like not a day isContinue reading
The post Banking Industry Faces Surge in Cyber Security Challenges appeared first on Kratikal Blog.
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Turkish Banking Agency Mandates Better Software Supply Chain Hygiene

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Today, application attacks and breaches are often the result of easily exploited – and easily rectified – open source vulnerabilities. While we hope companies would self-regulate their cybersecurity hygiene in our software driven world, daily brea… Continue reading Turkish Banking Agency Mandates Better Software Supply Chain Hygiene→

Financial Institutions Care about Fast Deployments

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FSIs Are Under Siege
Large financial services institutions (FSIs) supporting thousands of workers have had to accelerate their plans for remote working since March 2020.
 
In our conversations with FSIs during that period, various themes have emer… Continue reading Financial Institutions Care about Fast Deployments→

Financial Sector Cybersecurity: How do you compare to your peers?

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The post Financial Sector Cybersecurity: How do you compare to your peers? appeared first on Digital Defense, Inc..
The post Financial Sector Cybersecurity: How do you compare to your peers? appeared first on Security Boulevard.
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