From a statement by the Economic and Financial Crimes Commission (EFCC): The Economic and Financial Crimes Commission, EFCC, on Monday, April 20, 2015 arraigned one Stephen Omaidu before Justice M. A Nasir of Federal Capital Territory High Court sitting in Jabi, Abuja on a two count charge bordering on theft to the tune of N68,028,000,000.00 (sixty…
Category: Financial Sector
The nearly mythical mobile data breach
Mike Cetera writes: Data breaches are a huge and growing problem, but the odds that a cybercriminal will steal your bank or contact information from your smartphone are incredibly small, a new study has found. The biggest security issue facing mobile users is malware — malicious code sometimes hidden in apps — and even that…
Travelers, Ignition Studio agree to dismiss lawsuit over Alpine Bank data breach
Law360 reports that Travelers Casualty and Surety Co. has settled its lawsuit against Ignition Studio Inc. The suit had alleged that Ignition Studio had not adequately secured Alpine Bank’s web site, resulting in a hack in 2012. Yesterday, both parties stipulated to the “dismissal of this action in its entirety with prejudice, each party to bear its…
HSBC Financial Corp. notifies mortgage customers of online breach
HSBC Finance Corporation has begun notifying an undisclosed number of consumers whose mortgage account information was inadvertently exposed on the Internet. The firm believes the exposure began sometime towards the end of 2014 and continued until March 27, 2015, when they learned of the breach. The breach affected customers of the firm’s subsidiaries, including Beneficial Financial I, Inc.,…
WI: Fraudulent Green Dot accounts set up using stolen identities
Katrina Cravy and Leeann Watson report that fraudsters are opening Green Dot accounts using stolen identity information. Green Dot offers prepaid Visa or MasterCard debit cards. Police departments nationwide have crime alerts on this scam including Oak Creek. “I have probably over 100 since February and I know other jurisdictions all around us are just getting inundated…
UK: Financial firms are responsible for data trading
Tony Hazell nails it in a column that begins: The revelation that intimate financial and medical details are being sold to firms with dubious intentions should have sent shockwaves through the financial community. But it probably will not. The Daily Mail last week revealed that financial details were being sold for as little as 5p…