Hackers bypass online security at 34 banks - News and Current Events | futures.io
futures.io futures trading

Go Back   futures.io

> Futures Trading, News, Charts and Platforms > Traders Hideout > News and Current Events

Hackers bypass online security at 34 banks
Started:July 22nd, 2014 (07:53 PM) by kbit Views / Replies:165 / 0
Last Reply:July 22nd, 2014 (07:53 PM) Attachments:0

Welcome to futures.io.

Welcome, Guest!

This forum was established to help traders (especially futures traders) by openly sharing indicators, strategies, methods, trading journals and discussing the psychology of trading.

We are fundamentally different than most other trading forums:
  • We work extremely hard to keep things positive on our forums.
  • We do not tolerate rude behavior, trolling, or vendor advertising in posts.
  • We firmly believe in openness and encourage sharing. The holy grail is within you, it is not something tangible you can download.
  • We expect our members to participate and become a part of the community. Help yourself by helping others.

You'll need to register in order to view the content of the threads and start contributing to our community. It's free and simple, and we will never resell your private information.

-- Big Mike

Thread Tools Search this Thread

Hackers bypass online security at 34 banks

Old July 22nd, 2014, 07:53 PM   #1 (permalink)
Elite Member
Aurora, Il USA
Futures Experience: Advanced
Platform: TradeStation
Favorite Futures: futures
kbit's Avatar
Posts: 5,839 since Nov 2010
Thanks: 3,275 given, 3,321 received

Hackers bypass online security at 34 banks

Cybercriminals are sneaking past security protections to access online accounts across 34 banks in Switzerland, Sweden, Austria and Japan. And in doing so, experts say, the hackers are defeating what’s often touted as one of the more effective online security protocols.

The attack can get past two-factor authentication, which requires customers to type in a code sent to their cellphone or inbox to ensure the user is who he or she claims to be, by convincing customers to download a malicious smartphone app, according to a report released Tuesday by the security firm Trend Micro. The researchers dubbed the technique “Emmental” — like the Swiss cheese — because they say it shows the security flaws in online banking. So far, funds “in the seven figures” have been taken from bank accounts, according to Trend Micro spokesman Thomas Moore.

Hackers are turning to Japan’s free messaging app, Line, to target its users. The WSJ’s Yun-Hee Kim speaks with Tokyo reporter Megumi Fujikawa, who had her account hacked.

In typical form, the attack begins with realistic-looking phishing emails that install malware to give hackers control. Then the malware deletes itself, leaving no traces, and users are redirected to malicious servers when using banking websites. The website asks users to log in, and then install a special mobile app to receive the security code to log on. Instead of fostering more secure transactions, the app intercepts customer data.

Two-factor authentication, hailed as an essential second gatepost for online accounts, can sometimes prove to be an empty promise. Experts have found that the text messages that banks send customers can be intercepted, or in other cases, the hackers can scrape peoples’ screens to know the answers to extra security questions. Last month, PayPal said it was working to fix a flaw in its two-step authentication that virtually made the extra layer useless.

“This is a threat that’s going to migrate west,” says Tom Kellermann, Trend Micro’s chief cybersecurity officer, adding that European banking security is more stringent and “if this attack code is viable against those institutions, then it will be even more prevalent here in the U.S.”

The researchers said they found Russian slang in the app’s code, including the phrase “Obnilim rid,” which translates to “set to zero.” They also found connections originating from Romania, according to the report.

“This shows technical sophistication on par with the intelligence community,” Kellermann says.

Hackers bypass online security at 34 banks - MarketWatch

Reply With Quote


futures.io > Futures Trading, News, Charts and Platforms > Traders Hideout > News and Current Events > Hackers bypass online security at 34 banks

Thread Tools Search this Thread
Search this Thread:

Advanced Search

Upcoming Webinars and Events (4:30PM ET unless noted)

NinjaTrader 8: Programming Profitable Trading Edges w/Scott Hodson

Elite only

Anthony Drager: Executing on Intermarket Correlations & Order Flow, Part 2

Elite only

Adam Grimes: Five critically important keys to professional trading

Elite only

Machine Learning Concepts w/FIO member NJAMC

Elite only

MarketDelta Cloud Platform: Announcing new mobile features

Dec 1

NinjaTrader 8: Features and Enhancements

Dec 6

Similar Threads
Thread Thread Starter Forum Replies Last Post
For Jamie Dimon, another $34 million could be on the way kbit News and Current Events 0 January 27th, 2014 02:40 PM
U.S. lets China bypass Wall Street for Treasury orders kbit News and Current Events 0 May 21st, 2012 03:50 PM
.....Hackers, IT units focusing on smartphone security kbit News and Current Events 0 December 30th, 2011 01:30 PM
Lax security at Nasdaq helped hackers kbit News and Current Events 0 November 18th, 2011 11:51 AM
Commodity Funds Slash $34 Billion Over Two Weeks*** Quick Summary News and Current Events 0 October 1st, 2011 06:00 AM

All times are GMT -4. The time now is 02:58 AM.

Copyright © 2016 by futures.io. All information is for educational use only and is not investment advice.
There is a substantial risk of loss in trading commodity futures, stocks, options and foreign exchange products. Past performance is not indicative of future results.
no new posts

Page generated 2016-10-27 in 0.07 seconds with 19 queries on phoenix via your IP