Category Archives: jp morgan chase

JP Morgan artificial intelligence researcher says AI goal is to ‘eradicate financial crime’

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J.P. Morgan envisions a chief role for artificial intelligence in putting an end to financial crimes, the company’s head of AI research said Monday. Financial crimes that institutions like J.P. Morgan might have to reckon with include money laundering, sanctions violations, fraud and outright cyber theft. Across all industries and organizations, financial crime cost companies and organizations $1.45 trillion in 2019, according to one estimate, with cybercrime and fraud reportedly the most common varieties. “There is this concept of values” for AI, said Manuela Veloso, who besides her work for J.P. Morgan has worked as a professor in Carnegie Mellon University’s school of computer science. “First, we want AI to be able to eradicate financial crime.” Veloso’s comments came Monday during AI Week, an event produced by Scoop News Group. Along with direct money heists, cybercriminals run afoul of the law in other ways that can be categorized as financial […]

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Russian man sentenced to 12 years in prison for massive JPMorgan data heist

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A U.S. federal judge on Thursday sentenced Andrei Tyurin, a 37-year-old Russian man, to 12 years in prison for his role in a hacking scheme that prosecutors say involved the theft of personal data from over 100 million customers of big U.S. financial firms. The brazen hacking operation, which ran from 2012 to 2015, is one of the biggest to hit Wall Street in recent memory. It involved Tyurin allegedly working with an Israeli man named Gery Shalon, among others, to breach big-name companies like JPMorgan Chase, ETrade and The Wall Street Journal. The scammers then sought to inflate stock prices by marketing them to people whose data they had stolen. Tyurin’s breach of JPMorgan Chase alone saw data on 80 million customers stolen, according to prosecutors. The Russian man made $19 million altogether from the hacking, the Justice Department said in a statement. The case is a win for […]

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Russian hacker to plead guilty in connection with 2014 breach at JPMorgan Chase

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A Russian man accused of hacking into U.S. financial networks has agreed to plead guilty in a case that resulted in the theft of information about more than 80 million people. Andrei Tyurin is scheduled to appear in a courtroom in the Southern District of New York on Monday, according to a Sept. 13 court filing from the U.S. Department of Justice. Tyurin is set to please guilty in connection with a 2014 breach at JPMorgan Chase in which hackers made off with data about some 83 million people. Tyruin was charged in the same indictment as Gery Shalon, an Israeli man who allegedly masterminded the Chase hack and other breaches, though that prosecution remains unresolved. Tyurin, now 36, also was accused of participating in a Shalon-led scheme to infiltrate other financial institutions, including E*Trade, and carrying out a securities fraud scheme in which the scammers artificially inflated the price […]

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Capital One is a cautionary tale for companies rushing to embrace new tech

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Capital One always said it wasn’t like other banks. While other financial giants cautiously waded into their own digital transformations, Capital One’s leadership has sought to differentiate the $28 billion bank by investing in technology meant to modernize their business. The bank has increased its number of technology staffers to 9,000 today from 2,500 in 2011, assigning employees to software engineering, artificial intelligence and building a digital chatbot to automate reminders to customers about when their bills are due or flag unusually large restaurant tips in case they want to rescind them, Rob Alexander, the bank’s chief information officer told the Wall Street Journal last year. Capital One also was different for its use of Amazon Web Services, a rarity in the financial services industry where most corporate heavyweights simply don’t trust third-parties to store their financial data. At Capital One, the use of AWS was to serve as proof of […]

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5 Infamous Hacks You Didn’t Know Were Phishes

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Despite the common knowledge around phishing, even the most tech-savvy are still falling prey to the tactic. In fact, millennials are more likely to become a phishing victim than their grandparents are. Why is that?  Few outside of the IT and security… Continue reading 5 Infamous Hacks You Didn’t Know Were Phishes→

Microsoft Help File Malware Targets JPMorgan Chase Customers

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A fresh malware sample was recently spotted using an attached Microsoft Compiled HTML (Help file) attached to spam messages. A Microsoft Help file is a binary file, which encompasses a set of HTML files; it usually has a .chm or .hlp extension. The malicious help file malware analyzed – a .chm file – arrived via spam […]

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Microsoft Help File Malware Targets JPMorgan Chase Customers

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A fresh malware sample was recently spotted using an attached Microsoft Compiled HTML (Help file) attached to spam messages. A Microsoft Help file is a binary file, which encompasses a set of HTML files; it usually has a .chm or .hlp extension. The malicious help file malware analyzed – a .chm file – arrived via spam […]

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