Abigail Sitenge reports on a situation in Zambia: High Court deputy director of court operations Joshua Banda has placed three Bulgarians on their defence in a case where they are charged with unauthorised access or interception to data and theft. Allegations are that Milko Stayanov Kostadivov, 44, Hristo Ivanon Donkon, 39, and Hassan Alwe Al…
Category: Financial Sector
NY: Ringleader In Orange County Bank Fraud And Identity-Theft Scheme Convicted
Attorney General Eric T. Schneiderman today announced the conviction of ringleader Tyrone “Reece” Lee, 29, for running an identity-theft ring that stole over $457,000 from customers of Wachovia Bank (now Wells Fargo) in Newburgh, N.Y. Following a trial in Orange County Court, the jury convicted Lee of all 15 Counts charged, including Grand Larceny and…
Wakey, Wakey: Breached Credit Union Comes Out of its Shell
From the we-tried-to-notify-you dept. Brian Krebs reports: Notifying people and companies about data breaches often can be a frustrating and thankless job. Despite my best efforts, sometimes a breach victim I’m alerting will come away convinced that I am not an investigative journalist but instead a scammer. This happened most recently this week, when I told a California credit…
Restitution amount must reflect complete accounting of intended loss: court
There’s an update to an insider breach case previously noted on this site involving a former employee of Citadel LLC and Tradeworx Inc. An opinion out of the 7th Circuit Court of Appeals may offer some small measure of hope to defendants in CFAA cases when it comes to restitution for theft of proprietary information and costs of…
Letter to New York State Banks and Insurance Companies: New Cybersecurity Regulations Likely (Part 2 of 2)
Randall J. Collins writes: In my previous post, I reviewed the New York State Department of Financial Services’ (NYDFS) findings and conclusions of survey results of financial institutions and insurers’ programs, costs, and future plans related to cybersecurity. Anthony J. Albanese – Acting Superintendent of Financial Services – writes in a November 9, 2015 letter to Financial and…
MasterCard Set for Global ‘Pay-by-Selfie’ Launch
Phil Muncaster reports: Credit card giant MasterCard is set to extend its ‘pay-by-selfie’ facial recognition technology to 14 countries including the UK this summer as part of its ongoing attempt to crack down on identity fraud. The firm told the FT that the decision was made after trials of the system in the US and the Netherlands…