Virtual heists expose gaps in bank security
A data security firm has revealed it breached security at over a thousand US bank branches
BATON ROUGE, LA – Over a thousand US bank branches have had their information security compromised by researchers’ fake thefts of customers’ personal data. Louisiana-based technology security firm TraceSecurity says it broke through security in a variety of real world and virtual ways between 2003 and 2008.
These included hacking bank networks through the web, phishing, pharming and pre-text calling scams, in addition to entering the branch disguised as fire fighters or pest controllers and gaining access to restricted areas containing sensitive data.
The researchers said the physical disguise-based heists alone worked 95% of the time, allowing them to steal back-up tapes, loan applications, laptops, mobile phones and personal digital assistants (PDAs) without detection.
Successfully stolen data included social security numbers, account numbers, contact details, answers to secret questions, driver’s licence numbers and credit card numbers.
Jim Stickley, chief technology officer at TraceSecurity, says: “It takes only one branch location for all customers’ sensitive data to be at risk, and recent data breaches have shown these losses can amount to billions of dollars – a huge cost for what's usually a small, avoidable error.”
Only users who have a paid subscription or are part of a corporate subscription are able to print or copy content.
To access these options, along with all other subscription benefits, please contact info@risk.net or view our subscription options here: http://subscriptions.risk.net/subscribe
You are currently unable to print this content. Please contact info@risk.net to find out more.
You are currently unable to copy this content. Please contact info@risk.net to find out more.
Copyright Infopro Digital Limited. All rights reserved.
You may share this content using our article tools. Printing this content is for the sole use of the Authorised User (named subscriber), as outlined in our terms and conditions - https://www.infopro-insight.com/terms-conditions/insight-subscriptions/
If you would like to purchase additional rights please email info@risk.net
Copyright Infopro Digital Limited. All rights reserved.
You may share this content using our article tools. Copying this content is for the sole use of the Authorised User (named subscriber), as outlined in our terms and conditions - https://www.infopro-insight.com/terms-conditions/insight-subscriptions/
If you would like to purchase additional rights please email info@risk.net
More on Regulation
Banks cry foul over shock decision from Basel Committee
Asset and liability management professionals question severity of criteria in revised IRRBB tests
Fresh EU push for single securities supervisor to compete with US
But MEP expresses ‘concern’ EU nations will stall revival of capital markets union
Discord deepens over fund-linked trades in FRTB
More banks use punitive approach to capital treatment under new trading book regime, irking regulators
AI, quantum computing and tokenisation set to transform finance – Menon
But significant barriers remain preventing the technologies from unlocking their full potential
Could the SEC revive the private fund adviser rule?
Industry experts deem a second life for the reviled rule unlikely
Vendors lack silver bullet for FRTB’s fund-linked issue
EU and UK legislators tried to ease capital charge by leaning on vendors, but problems persist
Does Basel’s internal loss multiplier add up?
As US agencies mull capital reforms, one regulator questions past losses as an indicator of future op risk
US Treasury official calls for SLR relief during market stress
Under Secretary Liang also urges scrutiny of “artificial incentives” for Treasury futures in 40-Act rules