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Alleged JPMorgan hacker set to plead guilty
Andrei Tyurin, one of the key suspects in the huge JPMorgan Chase hack in 2014, is set to plead guilty, according to a court filing obtained by Bloomberg. The Russian reportedly struck a deal with federal prosecutors and will appear at a plea hearing next week in New York.
Key suspect in JPMorgan hack is now in US custody
Closure might be coming for victims of the massive JPMorgan Chase hack in 2014. The country of Georgia has extradited the alleged (and until now mysterious) hacker at the core of the crime, Andrei Tyurin, to the US. The Russian citizen pleaded not guilty in a New York court to charges that included conspiracy, hacking, identity theft and wire fraud. He reportedly worked with mastermind Gery Shalon to steal personal data from JPMorgan and other banks for use in a pump-and-dump stock scheme that may have made hundreds of millions of dollars.
Facebook might let you chat with your bank over Messenger
Facebook wants to incorporate your banking info into Messenger and has approached companies like JPMorgan Chase, Wells Fargo, Citigroup and US Bancorp over the past year, the Wall Street Journal reports. People familiar with the discussions told the publication that Facebook has sought data on card transactions and checking account balances and has proposed giving its users access to banking information such as account balances and fraud alerts through Messenger. The move comes as Facebook tries to boost engagement and banks grapple with how to reach more customers digitally. Since the original WSJ report, Facebook has clarified that while it may partner with banks so financial institutions can use Messenger for customer support, it doesn't have any interest in going beyond that.
Banks ban credit purchase of cryptocurrency due to risks
If you use your Bank of America-, JP Morgan Chase- or Citigroup-issued credit card to buy cryptocurrency, then you'll have to find an alternative ASAP. According to Bloomberg, the banks have banned crypto purchase using their cards due to the virtual coins' volatile nature. BofA has already started declining credit transactions with known exchanges, though its debit cards aren't be affected by the ban. Citigroup also announced on Friday that it'll no longer process crypto purchases, while JP Morgan Chase's new rule will take effect today.
After a decade, Dropbox quietly files for a public stock offering
Just a week after Spotify quietly filed to become a public company, it looks like another hot tech firm is doing the same. According to Bloomberg, Dropbox has just made its own filing to become an IPO in the US. The cloud-based file sharing company was valued at $10 billion just a few years ago and has been moving steadily towards a public offering for a while now.
PayPal, Square and big banking's war on the sex industry
For nearly a decade, PayPal, JPMorgan Chase, Visa/MasterCard, and now Square, have systematically denied or closed accounts of small businesses, artists and independent contractors whose business happens to be about sex. These payment processing authorities have also coerced websites to cease featuring sexual content under threat of service withdrawal, all while blaming ambiguous rules or pressure from one another.Monday a federal appeals court ruled that pressuring credit card companies like Visa and Mastercard to stop doing business with speech-protected websites violates their First Amendment rights. Specifically ones that feature content from sex workers. And in June, the FDIC clarified that it's against the rules for businesses like PayPal, Chase and Square to refuse business or close accounts based on "high risk" assessments related to human sexuality. But it may not be enough to stop what's become an entrenched pattern of systematic discrimination by payment processors -- one that disproportionately denies financial opportunities for women.
Israel, US arrest four over a string of big bank hacks
After months of investigation, law enforcement has nabbed suspects believed to be behind hacks at JPMorgan Chase and other big banks... and they're not quite the master criminals you might expect. Both the FBI and Israeli police have arrested four people for what now appears to be a classic "pump and dump" stock fraud scheme. The group (which includes one still at large) artificially drove up share prices and volumes for 'quiet' companies through a mix of email campaigns and pre-arranged trades, and sold to reap the windfall. In certain situations, they even pushed for private companies to go public solely to turn them into targets.
FBI wants to know if US banks launched revenge hacks against Iran
Your parents might have told you that revenge solves nothing, but it's not clear that American banks have learned the same lesson. Bloomberg sources understand that the FBI is investigating whether or not US financial institutions hired hackers to conduct retaliatory hacks against Iran, crippling the servers that had been used to attack the companies starting in 2012. There isn't any hard evidence banks acted on their anger, although they at least came close. JPMorgan Chase acknowledged that one of its officials proposed an offshore strike that would have knocked the Iranian servers out of commission. The staffer didn't offer a full-fledged plan, however, and nothing appears to have come out of the idea.
JPMorgan Chase was hacked due to two-factor authentication blunder
The hackers that stole millions of depositors' contact info from JPMorgan Chase earlier this year didn't use any kind of sophisticated malware like the one that took down Sony Pictures' computers. No, they managed to steal people's info, because the bank failed to upgrade one of its servers with two-factor authentication, according to The New York Times. Due to the lack of two-factor, the hackers gained access to sensitive info using just log-in credentials stolen from an employee. NYT says people within the company are (understandably) embarrassed about what happened, since the bank typically spends $250 million to make sure its networks are secure. Also, the other banks targeted by the same hackers weren't as affected, presumably because all their security measures were working properly.
Over 65 million voice samples guard your bank data from scammers
Two-factor authentication might be all the rage these days, but it sounds like there could be an even more secure way of protecting against fraud -- your voice. It's being employed by major banks including Wells-Fargo and JPMorgan Chase to weed out scammers who call financial institutions armed with the info gleaned from cyber attacks, according to the Associated Press. The system combines recorded voice samples with blacklists of repeat calls from would-be criminals, and has reduced fraud attempts by as much as 90 percent so far. And if you're wondering where the banks have gotten these 65 million-plus voice samples, well, we've all likely heard the familiar notice that a call may be monitored or recorded before being connected to an operator. So, that explains that.
JPMorgan and other US banks reportedly hit by cyberattack
A Bloomberg report claims that JPMorgan Chase and "at least" four more banks in the US have been victims of a virtual attack from hackers. The data gathered from the breach could reportedly "be used to drain accounts," according to two Bloomberg sources who have been briefed on the situation by the US government. At the moment, it is unknown which other banks were affected by this, but the FBI has already opened an investigation and is currently working to find out more details. "[We are] working with the United States Secret Service to determine the scope of recently reported cyberattacks against several American financial institutions," said the FBI in a statement. Meanwhile, a different report from CNN Money notes that seven of the "top" 15 banks were on the wrong end of these attacks, per people familiar with the matter -- though such information has not been corroborated by US officials.
