Category Archives: JPMorgan Chase

Report: Big U.S. Banks Are Stiffing Account Takeover Victims

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When U.S. consumers have their online bank accounts hijacked and plundered by hackers, U.S. financial institutions are legally obligated to reverse any unauthorized transactions as long as the victim reports the fraud in a timely manner. But new data released this week suggests that for some of the nation’s largest banks, reimbursing account takeover victims has become more the exception than the rule. Continue reading Report: Big U.S. Banks Are Stiffing Account Takeover Victims→

JPMorgan Chase, Toshiba and Ciena build the Quantum Key Distribution network for mission-critical applications

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In groundbreaking research, JPMorgan Chase, Toshiba and Ciena have demonstrated the full viability of a Quantum Key Distribution (QKD) network for metropolitan areas, resistant to quantum computing attacks and capable of supporting 800 Gbps data rates … Continue reading JPMorgan Chase, Toshiba and Ciena build the Quantum Key Distribution network for mission-critical applications→

CISA’s advisory panel is announced, set to make recommendations on major cyber topics

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The Cybersecurity and Infrastructure Security Agency on Wednesday named members to a new cyber advisory panel that will make recommendations on subjects ranging from battling misinformation to gaining aid from the hacker community on national cyber defense. Among the 23 members selected are leaders from social media, cybersecurity companies, major technology firms and critical infrastructure sectors such as finance and energy. It includes officials from Johnson & Johnson and Walmart, as well as a longtime cybersecurity journalist and the mayor of Austin, Texas. “We’re at a pivotal moment in our history — one that demands we think anew about ensuring the security and resilience of our digital infrastructure in the face of increasingly sophisticated cyber threats,” said CISA Director Jen Easterly, whose agency is a part of the Department of Homeland Security. “I look forward to partnering with these distinguished leaders from across industry, academia, and government to tackle some […]

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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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Here comes the bride: New map matches threat intel to cyber defenses

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A popular method that organizations lean on to reduce their cybersecurity risks is marrying a popular tool that cyber pros consult when they analyze hacking groups — in a way they think everyone can use. The project to conjoin the National Institute of Standards and Technology’s cybersecurity framework and MITRE ATT&CK framework, announced Tuesday, comes with backing from big players: JPMorgan Chase, a nonprofit center operated by an offshoot of MITRE, the cybersecurity company AttackIQ and the nonprofit Center for Internet Security that’s perhaps best known for its work with state and local governments. The idea behind the mapping project is to harmonize the risk management sides of cyber with the threat intelligence side of cyber, via models that any organization can employ. Usually unifying those two sides would be something that only a large outfit, like the U.S. military or major investment banks, would be able to pull off, […]

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Honeywell says it will soon launch the world’s most powerful quantum computer

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“The best-kept secret in quantum computing.” That’s what Cambridge Quantum Computing (CQC) CEO Ilyas Khan called Honeywell‘s efforts in building the world’s most powerful quantum computer. In a race where most of the major players are vying for attention, Honeywell has quietly worked on its efforts for the last few years (and under strict NDA’s, […] Continue reading Honeywell says it will soon launch the world’s most powerful quantum computer→

Someone is spoofing big bank IP addresses – possibly to embarrass security vendors

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The last several days have seen a surge in internet traffic mimicking the IP addresses of big U.S. banks in a possible effort to disrupt the cybersecurity personnel and products that help protect them, according to GreyNoise Intelligence, a company that maps internet traffic. Bank of America, JPMorgan Chase, and SunTrust are among the banks whose IP addresses are being spoofed to seem like they are conducting broad scans of the internet, GreyNoise said. That large-scale scanning is duping people into thinking that the IP addresses are malicious, GreyNoise founder Andrew Morris told CyberScoop. “There are a lot of people around the internet who are definitely convinced that these are bad IPs,” he said. Threat intelligence teams in the U.S. financial sector are looking into the issue, sources told CyberScoop. Morris said the volume of traffic is too low to be a distributed denial-of-service attack. Instead, he suggested, a bad […]

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Movius raises $45M for its business communications service

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Atlanta-based Movius, a company that allows companies to assign a separate business number for voice calls and texting to any phone, today announced that it has raised a $45 million Series D round led by JPMorgan Chase, with participation from existing investors PointGuard Ventures, New Enterprise Associates and Anschutz Investment company. With this, the company […] Continue reading Movius raises $45M for its business communications service→

Zcash, Chase’s cryptocurrency partner, fixes bug that could have allowed ‘unlimited’ counterfeits

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Developers behind the privacy-focused cryptocurrency Zcash have patched a security flaw that could have allowed hackers to create an unlimited amount of counterfeit coins. Roughly one year ago cryptographer Ariel Gabizon discovered what appeared to be a “subtle” bug in zk-SNARKS, a tool to hide user identities and currency balances. The bug could have allowed attackers to overwhelm Zcash’s financial ecosystem with falsified currency, perhaps enough to undermine trust in the cryptocurrency altogether. The problem also could have put in peril the partnership between Zerocoin Electric Coin Company, the organization behind Zcash, and JPMorgan Chase. “Prior to its remediation, an attacker could have created fake Zcash without being detected,” members of the Zcash team said in a blog post Tuesday. “The counterfeiting vulnerability has been fully remediated in Zcash and no action is required by Zcash users.” Gabizon, a ZECC employee, discovered the issue in March 2018. Only four members […]

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U.S. extradites Russian accused in hack of JPMorgan Chase

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The U.S. has announced the extradition of accused Russian hacker Andrei Tyurin from the nation of Georgia for his alleged role in a hacking campaign against American financial institutions, according to the Department of Justice. “Tyurin’s alleged hacking activities were so prolific, they lay claim to the largest theft of U.S. customer data from a single financial institution in history, accounting for a staggering 80 million-plus victims,” Manhattan U.S. Attorney Geoffrey S. Berman said Friday. “As Americans increasingly turn to online banking, theft of online personal information can cause devastating effects on their financial wellbeing, sometimes taking years to recover.” The indictment against Tyurin does not mention the hacking targets by name, but details — the number of victims, the time of the breach, the co-conspirators, the location of the victim, etc — line up with those related to the 2014 hack of JPMorgan Chase, which led to the theft of names […]

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