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Sad Scary State of Bank Security

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Who needs guns, threatening notes to rob a bank when you can do it with just your fingertips inside your home?

1SA hacking ring in the eastern portion of Europe may be the most successful team of bank robbers to date, having purportedly robbed $1 billion from multiple banks. This can only be done by infecting computers with malicious software (malware) and sucking out all the money.

Obviously, these hackers aren’t dumb criminals, but they also play on poor security measures of the banks. Apparently, the success of the hackers’ attack was contingent upon an employee clicking on a malicious link in an e-mail or opening a malment in the e-mail (“malment” = malicious attachment).

And that’s exactly what happened; someone fell for the oldest cyber trick in the book. This could have been prevented by not only having Microsoft updates done on a regular basis and having updated antivirus, but educating employees.

The next step in the chain reaction was the triggering of Carbanak, a virus that installs software that logs keystrokes…figuring out passwords this way. But Carbanak also captured screenshots.

How could banks let something like this happen?

Let’s Dissect this Robbery

The thieves sent out phishing e-mails—those containing malicious links or attachments—that are designed to trick people into clicking on them because the messages look legitimate. The crime ring just sat back and waited, knowing it was only a matter of time before someone clicked on one of their malments.

The keylogging gave the thieves all the information they needed to drain the banks. Boy, they sure broke in easily! All because the banks didn’t keep their devices security updated, leaving an unpatched opening—and perhaps the employee(s) who fell for the ruse were doing banking business on the same device they use for personal use—big huge mistake.

And whose fault is that? The bank’s; we can’t expect the run-of-the-mill employee to have built-in knowledge about how hacking rings work and that it’s a gateway to cyber theft if one mixes business activities and personal activities on the same computer. Learn from their mistakes. Update your devices and don’t click links in emails.

Robert Siciliano is an identity theft expert to TheBestCompanys.com discussing  identity theft prevention. Disclosures.

What happens when a Bank Account is hacked?

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Who’d ever think that 50 years ago, your money was safer in your bank account than it is today in this “modern” age: remote theft. If you bank with a large or small bank, your account may be at risk by hacking rings.

7WHowever, most of the time, but not always, if your account is drained by a cyber thief, the bank will cover it for you.

The latest information is that a big attack is planned in the spring, but it’s the “It’s easier to get one dollar from a million people than it is to get a million bucks from one person” type of attack plan. The apparent hacking plan involves stinging mass numbers of banking customers via the customers’ computers.

Because banks are a favorite target for cyber thieves, financial institutions are always improving their cyber security. However, criminals get into bank accounts by suckering customers into revealing personal information; we’re talking thieves who don’t directly hack the bank, but hack YOU.

  • Never click links inside e-mails—including those that SEEM to be coming from PayPal, Chase or whatever institution you use.
  • Typically, these scam messages are constructed by thieves posing as your bank. They tell you your account is about to be compromised, or there are suspicious withdrawals or something else to grab your attention, and that to correct the problem, you must visit their site and enter some information. This is a scam to get your login information! The phony site that the link goes to is constructed to look exactly like the authentic bank sites.
  • If you’re not convinced these scammy e-mails you got have gone to a million other people, then phone your bank and inquire about the message.
  • Never use the “remember your computer” option that banks offer. Forget the convenience; just deal with the login hassle every time for better security.
  • Don’t hide your savings in your house because you figure they’re safer there. If you follow the aforementioned rules, your money will be far safer in your bank than hidden inside your toddler’s teddy bear.

Robert Siciliano is an identity theft expert to TheBestCompanys.com discussing identity theft prevention. For Roberts FREE ebook text- SECURE Your@emailaddress -to 411247. Disclosures.

10 Simple Tips to Bank Safely Online

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One of the issues I’m passionate about, as an online-security analyst, is that of banking safely online; so I recommend the following simple tips to help ensure your security in cyberspace.4H

  1. Wired ethernet link. This offers more security than does a powerline or Wi-Fi network. In fact, the powerline carries your data via electrical wires—not secure at all. Data from wires can leak into adjacent homes, and Wi-Fi signals are out in the open, literally. An ethernet attack, however, may require a home break-in by the crook, and then he has to set up his device.
  2. Nevertheless, powerline and Wi-Fi do come with encryption capabilities; encryption scrambles data for safer online banking. Any attacker would need your password to infiltrate. But remember this: Wi-Fi’s WEP, which is obsolete, can be hacked into, even though it’s still offered as an option for router setup.
  3. Do not leave a router on its default password. Otherwise, crooks can get in and redirect your traffic to who knows where.
  4. Never trust third-party Wi-Fi hotspots.
  5. Make sure that the financial site you visit has a padlock icon and “https” before the URL address; this means it’s secure and legitimate. “Http” (no “s”) is not secure.
  6. Keep up to date on security updates for your browser and operating system. This will protect against a crook who uses a keylogger to track your keystrokes. With a keylogger, a hacker can get your keystroke pattern and will figure out your passwords.
  7. Never click on links in e-mails. Even if it’s supposedly from your bank. Never.
  8. To really beef up online banking security, use a separate computer just for online banking.
  9. Enable your financial institution’s two-step verification. This is typing in a password that’s one-time, that gets texted to you. Unfortunately, many banks don’t have this tactic. But if you’re concerned with banking safely on the Internet, see if your institution does. If you can’t find this information on their web site, call them.
  10. One more simple tip about safe online banking: Hotspot Shield VPN service guards your entire online experience when you’re using unprotected networks, such as at coffee houses, hotels, airports, etc., be they wired or wireless.

You can have peace of mind that your web sessions (downloads, filling out forms, shopping, banking) are safe and secure with the https-protected tool. With Hotspot Shield, all mobile data is encrypted. Hotspot Shield also has a mobile version, and it compresses bandwidth so that you can download nearly double the content at the same cost. This VPN service has saved 102.9 million megabytes.

Robert Siciliano is an Identity Theft Expert to Hotspot Shield VPN. He is the author of 99 Things You Wish You Knew Before Your Identity Was Stolen See him discussing internet and wireless security on Good Morning America. Disclosures.

Clients Alert Banks to Fraud

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In a perfect world there would be no sickness, nothing would ever break, everyone would get along, yummy food wouldn’t make you fat, and there’d be no crime. However, there are forces over which you and I have no control and we have to struggle simply to maintain balance.

In a perfect world, a bank wouldn’t need you or me to help detect fraud.

According to a survey of banks and credit unions, 23% learn of fraud through their own auditing processes. This means that more than three quarters of all bank fraud is detected either by customers or third parties. Just 32% of banks felt prepared to prevent online bank fraud.

That’s far from perfect, which means you, the customer, must pay close attention to your accounts.

Check your online statements frequently. I no longer receive paper statements and I don’t wait for my monthly online statement, either. Once a week, I check each individual account online. Check your investment accounts, credit cards, checking and savings account, and any other account that holds your money or grants you credit.

Create a bookmarks folder with links to all your accounts and set a consistent time to check each account, every week. Monday mornings, Wednesday afternoons, or Friday afternoons work for me.

Sign up for Mint. This service helps track activity on your bank and credit card accounts and sends notifications of any transactions involving any linked account.

The moment you spot a discrepancy, contact the institution and remedy the issue. Remember, as accommodating as a lender may be, they will often put up a fight before crediting your account for any losses. Persistence pays off.

Robert Siciliano, personal security expert contributor to Just Ask Gemalto, discusses identity theft in front of the National Speakers Association. Disclosures