Financial Institutions | Breaking Cybersecurity News | The Hacker News

The Existing Infrastructure used by Financial institutions like Banks is Archaic, Slow, and Costly, with hardly any innovation in the past three decades. Nine of the World's renowned Banks, including JPMorgan , Royal Bank of Scotland , Goldman Sachs and Barclays , are collaborating with New York-based financial tech firm R3 to create a new framework based on Bitcoin's Blockchain. Yes, they are back in the game yet again, but this time officially! Blockchain — the public and decentralized ledger technology that underpins all Bitcoin transactions has been now recognized as " the future for financial services infrastructure ". The blockchain technology is a way of keeping records by listing the owner's name with all the previous and present transaction the client was involved. It is a public ledger where a list of all the transactions ever executed is maintained. The Banks are planning to develop and implement Blockchain-like Technology where distributed/shared ...

Gone are the days when you had to wait in a queue to get your Bank passbook updated. With the implementation of automated machines in Banks, it's now a game of seconds to update your passbook yourself. Bank Passbook is a copy of the customer's account in the books of the bank which includes client's current account balance and transaction details (deposits and withdrawals). But, Are these Automated Machines holding your Financial Information Hack-Proof? Last year, Major Indian Banks rolled out a barcode based passbook printers called ' Swayam ' which can be operated by customers themselves. 17-year-old Indian bug hunter, Indrajeet Bhuyan , found that the barcode technology used by more than 3000 Indian Banking Branches, including State Bank of India , UCO Bank and Canara Bank , is vulnerable to information disclosure. To use Swayam, the s elf-service passbook printing machine , the customers need just to feed their passbook into the machine, which will read the barcod...

It's time once again to pay our respects to the once-famous cybersecurity solutions whose usefulness died in the past year. The cybercriminal world collectively mourns the loss of these solutions and the easy access they provide to victim organizations. These solutions, though celebrated in their prime, succumbed to the twin forces of time and advancing threats. Much like a tribute to celebrities lost in the past year, this article will look back at a few of cybersecurity's brightest stars that went dark in the past year.  1. Legacy Multi-Factor Authentication (MFA) Cause of Death: Compromised by sophisticated phishing, man-in-the-middle (MitM), SIM-swapping, and MFA prompt bombing attacks. The superstar of access security for more than twenty years, legacy MFA solutions enjoyed broad adoption followed by almost-universal responsibility for cybersecurity failures leading to successful ransomware attacks. These outdated solutions relied heavily on SMS or email-based codes o...

A recently discovered piece of malware called KRBanker (Korea + Banker = KRBanker) , targeting mostly online end-users at Korean financial institutions. According to nProtect , now an invasive banking Trojan, the new and improved  KRBanker  can block anti-virus software, security websites and even other malware in its quest to steal user information and share it with hackers. Then the malware pings back to the command and control (C&C) server with infection status and then the malware proceeds to download encrypted files on the victim's PC. In the latest variant of the KRBanker malware, scans the PC for lists of DLLs that are related to Korean financial institutions, security software and patches any opcode instructions.  Malware instructed to insert the malicious code that will search and collect any information related to password, account details, and transaction history. Once logged, the compiled information is then sent to a remote server....