Blog Post List

In a relatively high profile court case, an appellate court ruled in favor of the defendant/bank rather than the plaintiff (the bank’s customer) in a dispute over an account takeover claim and reversed a lower court opinion, ruling that the bank may seek attorney’s fees from the plaintiff. In many respects, the decision handed down will be a significant influence on future court cases and also on security/verification procedures a bank mandates or places on accounts regarding account transfer requests.

First discovered in June 2014, “Dyre” malware has quickly become one of the most prominent banking Trojans targeting corporate customers’ bank accounts today. A system infected with the Dyre malware, which is delivered and downloaded through phishing/spam campaigns, will attempt to harvest customers’ information and online banking credentials to conduct unauthorized transfers.

With Target as a primary example, the systems breach of a major retailer has proven to be a trifecta of cyber-related criminal activity from the onset, affecting not only the retailer and their customers, but the financial services industry in general.

In this blog, we briefly touch on other electronic-related exposures which may not be so well-known as DDoS attacks and fraudulent account takeovers/wire transfers, but are just as common and potentially damaging from a loss perspective, not only to your bank but also your customers.

The FBI released several updates and bulletins to the banking industry regarding two different malware: Dyre and Carbanak/Anunak. The Dyre malware is being used with social engineering in order to get around two-factor authentication typically required by banks for large wire transfers.