Online Banking News

Microsoft Takes Down Botnets Of Online Banking Thieves

2012-03-31T22:47:00.000+03:00

Microsoft (NSDQ:MSFT) has taken down a number of malware-spreading botnets that infected millions of computers worldwide and stole more than $100 million from financial institutions and other businesses.
Under the escort of U.S. Marshals and with a warrant from a federal judge, Microsoft and two other co-plaintiffs in a lawsuit against the unidentified botnet operators seized command-and-control servers in Lombard, Ill., and Scranton, Penn., the Redmond, Wash.-based software maker said late Sunday. A federal court in New York granted permission for the seizure, which included taking control of 800 domains used in the criminal network.
According to court papers, Microsoft disrupted a botnet of 13 million computers, including 3 million in the U.S., that spread the Zeus family of malware that included the SpyEye and Ice-IX variants. The malware tracks a computer user's online activity and records keystrokes, so it can steal the user name and password when a victim visits an online banking site.
The Zeus-related malware has caused more than a half-billion dollars in damages to businesses, according to Microsoft. The botnets taken down Friday following a month-long investigation stole more than $100 million over the last five years.

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RBA calls big banks' bluff on funding costs

2012-03-30T17:44:00.001+03:00

The central bank this week confirmed suspicions that the big four are using margins as a lever to maintain profitability, writes Eric Johnston.

Is the Reserve Bank ever-so-gently putting pressure on the big banks to revisit their mortgage rates? A string of speeches by top RBA officials in recent weeks as well as several reports have put the focus on the other side of the long-running and dogged debate about commercial banks, funding costs and mortgage rates.
The big four banks pushed through as much as 15 basis points in interest rate rises on mortgages this month, even as the Reserve kept cash rates on hold. They argued the move was necessary, given the sharp run-up in funding costs following Europe's debt problems.
The focus will again switch to how the banks will respond to the RBA's regular board meeting next week.

The Bank of Glen Burnie Advises of Online Banking E-Mail Phishing Scam

2010-07-05T20:58:00.000+03:00

LEN BURNIE, Md., Jul 01, 2010 (BUSINESS WIRE) -- The Bank of Glen Burnie is alerting consumers about an email phishing scam designed to look like an online expiration warning from The Bank of Glen Burnie. The email informs customers that their account will be deleted if they do not update it by July 2, 2010. Consumers are urged to click on a website link to update their online account. This is a scam. The link goes to a website login, which looks exactly like The Bank of Glen Burnie's login page, but is not associated with The Bank of Glen Burnie. Customers are asked to provide their username and password. That information actually gets sent to a scam artist and anyone who provides this information is at risk of identity theft.

The Bank of Glen Burnie's web site is www.thebankofglenburnie.com. The Bank of Glen Burnie has not, and does not, request personal information in an email.

Huntington's Online Banking Rated Sixth

2009-03-25T13:53:00.000+02:00

Huntington Has Ranked in the Top 10 Since 2003, According to One of the Foremost Industry Measurements

Huntington Bank's online banking has been ranked the sixth best site in the country by Keynote Systems in its first quarter 2009 Banker Scorecard. Known as The Mobile and Internet Performance Authority(TM: 63.7, 0, 0%), Keynote is the global leader in mobile and internet test and measurement services. Since 1998, the Keynote Banker Scorecard has served as an industry benchmark for financial sites.

Specifically, Huntington.com was given high marks for its privacy and security, ease of use, functionality, quality and availability. It also scored high on helping customers to learn and plan, open accounts and conduct transactions.

Are you making use of your online banking facilities?

2009-03-03T11:55:00.001+02:00

As more and more of us look towards the Internet for our everyday needs it appears there are still many people who are reluctant to use the Internet for their financial affairs. While we periodically hear about various scandals and frauds on the Internet, it is easy to forget that these types of criminal activity have been commonplace off-line for many many years. However, it appears that the Internet attracts more criticism than off-line fraud when in many cases there is very little difference and if anything online fraud is less common.

Online banking is something which many people should be looking towards to save time, money and the cost of going to your local bank (which could be miles away after recent bank branch closures). There are also many attractive offers available in the online financial industry because as costs are lower for online operations very often you will be able to agree better terms. The days of mass fraud on the Internet may not be exactly dead and buried but it is very uncommon to hear about substantial fraud in the financial industry and even if the worst happened your bank would be obliged to replace any missing funds.

Why Are You Still Not Banking Online?

2009-02-27T00:34:00.000+02:00

When it comes to helping entrepreneurs compete, I try to eat my own cooking. All the tips and strategies I share in this column I aim to apply at my 10-person technology consultancy. But I have to come clean: I'm woefully negligent in one crucial area--and it's costing me.

I'm talking about online banking. Embarrassing as it sounds, I don't do it. Nor, as it turns out, do roughly 95% of my 500 clients. Why? Sheer laziness, I suppose.

Cindy Hom, on the other hand, is anything but lazy. She runs a 10-person fitness and wellness center in downtown San Francisco called Apex Wellness. She teaches people how to take care of their bodies, eat right and live fully through Pilates, Yoga and Martial Arts. And when it comes to banking, Cindy does it quicker and better than most because she bothered to figure out how to do everything online.

Currently there are 24 million Germans which carry out their banking operations over the internet

2009-02-25T12:52:00.001+02:00

One of the reasons for the increasing popularity of online banking is the possibility to carry out financial transactions around the clock as well as smaller fees required by online banks.

Germany with its 38% of online users ranks 9th among EU member states. The European average percentage is 29%. Leading in this respect is Finland where 72% of the population use online banking followed by the Netherlands (69%) and Sweden (65%). Estonia and Latvia rank 5th and 8th respectively.

With the introduction of an electronic passport which is planned for autumn 2010 online banking in Germany could become significantly more widespread given that the new passport could be issued with a digital signature which would make internet use more secure. This signature could be used on many other occasions as well.

Time for an online banking security revolution

2009-02-20T00:58:00.000+02:00

Here we are in 2009, buffeted by economic turmoil, under siege by organised online criminals, and seeing a mega “boom” in only one true sector: the underground economy.

Although today’s Internet security packages are better, faster and lower impact than ever, most still fail miserably when it comes to some very important topics: secure online authentication (especially when doing online banking), protection against unknown types of malware, and protection against rootkits.

So bad has the online crime problem become that criminals are enjoying what the rest of the world is not: a massive and lucrative boom, making the bust the rest of us are experiencing an even worse proposition.

Security experts warn of online banking Trojan

2009-02-09T11:04:00.001+02:00

Security experts warn of a new type of malware which targets online banking users. The Trojan in question, which is responsible for a series of attacks carried out by cybercriminals in Denmark two years ago, has been detected in the US, despite not yet attacking any specific banking sites.

The virus, known as Bankpatch, injects code into Windows system files and monitors whenever users access a banking site using Internet Explorer, then downloads a series of customized plug-ins designed to and intercept internet banking traffic by targeting particular online banking systems.

Representatives of security and information management software company Symantec, which issued the warning, also claim that cybercriminals manipulating the Trojan could potentially customize an attack specific to a particular bank and transfer money from online customer accounts without being noticed.

Mobile Banking Finds New Users

2009-02-03T19:14:00.000+02:00

You may not want to learn how much smaller your bank account has gotten. But banks are making it easier than ever for consumers to access account information on their mobile devices.

Big banks are offering new services or improving existing ones that allow people to access their accounts while on the go. In January, Bank of America Corp. launched an updated software application that allows consumers to check their balances and pay bills through Apple Inc.'s iPhone. Wells Fargo & Co. has begun promoting a service that lets business clients approve wire transfers through their cellphones. And mobile banking is at the center of a major new ad campaign from Chase, a division of J.P. Morgan Chase & Co, which is offering a service that lets customers check their balances and get other information via text messages.

uMonitor, BANKDetect partner for online banking

2009-01-26T20:30:00.000+02:00

US online banking services provider uMonitor enters a partnership with financial technology company BANKDetect to integrate and market their services jointly for their financial industry customers.

Under the terms of the agreement, uMonitor’s online account opening and funding service uOpen & uFund is to incorporate a series of ID control tools from BANKDetect in order to meet government regulatory compliance standards. Among the security measures to be implemented are the verification of customer name, address, telephone number, area code and social security number, as well as a series of indicators which have been designed to prevent identity theft, generically known as ‘red flags’.

Representatives of the two companies indicate that the joint uMonitor and BANKDetect financial services package mainly targets community banks and credit unions, aiming to achieve integration with the latter’s existing core processing platforms, online banking services and loan approval systems. Also, the combined uMonitor and BANKDetect service also aims to allow financial companies to accumulate the amount of customer information needed to prevent identity theft and deploy anti-money laundering measures.

Mobile Banking May Be Telecom's Killer App

2009-01-23T00:04:00.001+02:00

With increasing consumer familiarity and growing ease of use, mobile applications for financial services companies--particularly banks--could become the new "killer app" for telecommunications .

The number of people banking through a mobile device could hit half a billion worldwide by 2013, according to ABI Research. "Mobile financial services have the potential to be bigger than mobile TV and premium mobile content in terms of numbers of subscribers," Mark Beccue, senior analyst of consumer mobility, tells Marketing Daily. "Everybody's trying to do it, and they're all scrambling."

The drive for more and better mobile financial services applications is being fed by consumers who are becoming more accustomed to banking online. "The lowest-hanging fruit are the online customers," Beccue says. "That's one of the only barriers to mobile banking; if you don't trust online, you won't trust mobile."

Sophisticated attack targets online banking

2009-01-21T16:15:00.001+02:00

While online banking sites may appear to be more secure than most sites, some cybercriminals are apparently taking advantage of that idea and sending phony popup messages when users are logged into their account.

The in-session phishing attack asks the user to retype their username and password under the guise of their online banking session expiring, DarkReading.com reports. This may be particularly successful since many banks, such as Bank of America, have a set time for banking sessions and will log users off for security reasons.

Researchers said evidence of the attack in the wild hasn't been seen, but they "have witnessed precursors to it," according to the article.
Cybercriminals use malicious JavaScript to see the banking site URL where the victim is logged in and then generates a popup message posing as the bank, states DarkReading.com. The popup can also be a customer satisfaction survey or a special promotion.

Metrobank Partners With IBM to Enhance Online Banking Security

2009-01-19T13:13:00.000+02:00

Metrobank, one of the largest private banks in the Philippines, has selected IBM (NYSE: IBM) to integrate and implement an advanced security solution for its Metrobankdirect, an Internet banking facility.

The agreement, signed in November 2008, will see IBM Internet Security Systems deploy the Two-Factor Authentication (2FA) security solution by which the user provides a second means of identification in order to obtain access to Metrobank's online banking facility. IBM brings its proven project management methodology and technical expertise, integrated with VASCO's authentication token solution and Data Security Systems Solutions' strong authentication and token management solutions for the implementation of this project.

Next-generation phishing attacks online banking

2009-01-17T20:52:00.000+02:00

An advanced new phishing attack tricks users into giving away confidential information after they have logged on to an online banking website.

Most computer users are familiar with email phishing, where they are sent emails with links to fraudulent websites. This new “in-session phishing” attack differs because it creates pop-ups while you're in session with your real online banking account, asking for details such as passwords and account numbers.

Attackers compromise the website, inserting code to create the pop-up. Since the user had just recently logged onto the banking website, they may not suspect that the pop-up is fraudulent

Metrobank Partners With IBM to Enhance Online Banking Security

2009-01-16T16:10:00.000+02:00

(Marketwire) -- 01/16/09 -- Metrobank, one of the largest private banks in the Philippines, has selected IBM (NYSE: IBM) to integrate and implement an advanced security solution for its Metrobankdirect, an Internet banking facility.

ScanSafe: online banking account attacks will boost in 2009

2008-12-25T20:10:00.000+02:00

ScanSafe, a provider of SaaS Web Security, has issued guidelines on security for 2009, due to his predictions that the rate of exposure to Web-delivered malware will continue to increase at a rate of approximately six percent per month. Experts of the company highlight that online banking accounts and publicly traded companies are likely to suffer the most.

Company explains its predictions by the fact that when attackers find credit cards to be no good sources of revenue, they are likely to attack online banking accounts directly. This is going to effect on consumers’ confidence in the safety and integrity of online banking.

ScanSafe also added that publicly traded companies are especially vulnerable to attacks due to their competitors being likely to use malware with the aim of gaining sensitive information related to patentable R&D efforts for example. However, it is also predicted that companies and customers will adopt technologies that block third party content.

Above mentioned situation is going to effect Internet advertising by, for example, pop-up blockers to be likely to be blocked, making it harder for ads to reach their target audience, and domain registrars and hosting providers, due to a push for tighter enforcement over them.

ScanSafe concluded by saying that along with sophistication and frequency of the attacks there will also be improvements in the online security.

Nationwide releases new online banking product

2008-12-14T15:09:00.000+02:00

E-Savings Plus accounts are run like Nationwide’s FlexAccounts, and offer savers a gross AER of up to 3.75%.

The new account is designed for savers who want a competitive interest rate, but also need to access their savings.

Customers can withdraw money from the account up to three times per year and still benefit from the top rate of 3.75% gross per annum.

Extra withdrawals will incur the penalty of a lower interest rate, backdated either from account opening or from anniversary of account opening.

An E-Savings Plus account can be opened for as little as £1. There is no limit on deposits as long as the account balance stays under £100,000.

Goldman mulling Internet banking operation

2008-12-07T08:42:00.000+02:00

Goldman executives have not ruled out buying a bank with substantial retail operations, the paper said, citing people familiar with the discussions.

The company could not be immediately reached for comment.

The possible online bank hasn't been named yet, and many details of its operating plans are undecided. It is likely to offer a range of savings products, such as certificates of deposit, people familiar with the matter told the newspaper.

In addition to an Internet bank, Goldman executives are weighing the possibility of seeking deposits through the firm's vast wealth-management operation and from large corporate clients, the Journal said.

2008 Online Banking and Bill Payment Forecast

2008-11-26T14:13:00.000+02:00

Research and Markets ( http://www.researchandmarkets.com/research/2d9a80/2008_online_bankin) has announced the addition of Javelin Strategy & Research's new report "2008 Online Banking and Bill Payment Forecast: Financial Crisis Makes It More Vital Than Ever to Target Online Channel" to their offering.

Whether banks and credit unions weather - or even survive - the worst banking crisis since the Depression is likely to depend on their ability to grow their assets. Unsettled by bank failures, anxious Americans have taken a flight to safety that has left many financial institutions struggling to attract and retain deposits. But industry tumult and fearful times create an opportunity for banks and credit unions with online-banking services that satisfy the consumers' craving for financial control, tools to monitor and protect their accounts, and a means to consolidate their financial relationships. Now, more than ever, financial institutions must provide customers with - and actively promote - a robust, useful online-banking platform that will help customers better manage, monitor and move their money on a daily basis.

2009 Planning Guide for Online and Mobile Banking

2008-11-11T11:20:00.000+02:00

SEATTLE, Nov 06, 2008 (BUSINESS WIRE) -- Online Banking Report has published its 14th annual planning issue entitled 2009 Planning Guide for Online and Mobile Banking: Doing More with Less. The focus this year is helping financial institutions navigate through the strangest business planning cycle in six decades. While much of the road to recovery is outside the control of financial institutions, this report focuses on the many opportunities for smart and nimble players to gain ground.

The 2009 Planning Guide highlights how technology and online techniques magnify the impact of shrinking budgets while supporting marketing efforts to increase brand confidence. The report includes more than 1,000 ideas, tactics and tips for increasing market share, customer engagement, and revenues from consumers and small- and micro-businesses.

Also included is a summary of 20 projects that provide the best bang for your buck next year and beyond and a 12-page section on pricing online services and transactions.

This exclusive research is available only from Online Banking Report and is a must-read for any financial institution. It can be downloaded immediately after purchase at www.onlinebankingreport.com.

Banks beef up security for online banking

2008-10-30T13:07:00.000+02:00

High street banks are preparing to increase password protection for their online banking services because of the high proportion of PCs in the UK now infected with malware.

Speaking at the RSA Conference 2008 in London, Mark Stanhope, senior manager for e-crime at Lloyds TSB, said the bank now worked under the assumption "that the vast majority of home machines are compromised".

He predicted in future banks would try to get around this by sending one-use passwords to online account holders by means unconnected to the infected machine, such as by SMS or phone call.

Combining this two-factor authentication with the monitoring of accounts for unusual transactions would provide greater protection against fraudsters, he said.

CashEdge’s rise mirrors online-banking revolution

2008-10-19T02:47:00.000+03:00

NEW YORK – Banking woes is big news nowadays, but for Sanjeev Dheer and CashEdge Inc., banking is nothing but big business.

New York-based CashEdge, which Dheer co-founded in 1999, is a provider of online financial software applications for banks, credit unions and wealth management firms. CashEdge products include online account opening, funding, funds transfer and data consolidation services. Getting into the online banking game as it was just kicking off CashEdge has thrived helping banks provide their customers with an increasing number of online products. According to the company, as the demand for online banking grows banks have turned to online services as a way to attract customers, increase revenue and reduce costs.

The world’s leading online-banking company expanded to Estonia

2008-09-30T17:22:00.000+03:00

Neteller Group, which is the largest company dealing with internet settlements, has broaden to Estonia, writes Postimees.

As the largest online-wallet Neteller proceeds billions of dollars each year and the company is supported by more than 3500 service providers in 160 countries. For instance Neteller operates in Sudan, Antarctic, Columbia, Haiti, Angola, Ruanda and even on the occupied territory in Palestine.

Neteller acknowledges Estonia and several other Eastern-European countries from end on September, making their services available for people from these countries. Neteller makes possible to make bank transfer without giving your credit card details to different service providers.

Macau: BNU bank focuses on Internet banking

2008-09-20T11:34:00.000+03:00

Macau’s Banco Nacional Ultramarino (BNUM) in 2009 plans to invest in improving its Internet banking services for both individuals and business customers, the vice-president of the bank’s executive commission, Artur Santos told MacauNews Tuesday in Macau.

Santos also said that said the provision of banking services through internet had grown significantly over the last few years and that improvements would be made to ensure they were more user-friendly and a key factor in improving customer service.

“Our focus is we want to get more and more services on the internet,” Santos said. “We are looking at a range of new products that will be available online, including being able to buy insurance, buy investment products, cash management services for companies and share trading online.”

A challenge in this area is the growing cost of information technology (IT) services in Macau. Mr Santos said due to inflation and the city’s human resources shortage, provision of IT services was expensive.

A este problema junta-se a necessidade de respeitar os regulamentos do sector bancário, "pelo que nos vemos obrigados a despender cada vez mais tempo e dinheiro e a dedicar pessoal para garantir que os regulamentos estão a ser respeitados".