Latest in Bank

Image credit:

Israel, US arrest four over a string of big bank hacks

58 Shares
Share
Tweet
Share
Save

Sponsored Links

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.

The arrests may put to rest fears that some of these bank hacks were state-sponsored attacks, or else the work of elaborate gangs hoping to steal info. However, they also show that it doesn't require an elaborate organization to cause chaos. In some situations, it only takes a few greedy but knowledgeable intruders to compromise your data and create serious problems.

[Image credit: AP Photo/Seth Wenig]

All products recommended by Engadget are selected by our editorial team, independent of our parent company. Some of our stories include affiliate links. If you buy something through one of these links, we may earn an affiliate commission.
Comment
Comments
Share
58 Shares
Share
Tweet
Share
Save

Popular on Engadget

Google stops sending Android cell signal data over privacy concerns

Google stops sending Android cell signal data over privacy concerns

View
Disney+ will have apps for iOS, Apple TV, Android and Xbox One

Disney+ will have apps for iOS, Apple TV, Android and Xbox One

View
'Always Audi' program gives new customers free Silvercar rental days

'Always Audi' program gives new customers free Silvercar rental days

View
The Morning After: The beauty of a ray-traced 'Minecraft'

The Morning After: The beauty of a ray-traced 'Minecraft'

View
HyperX just made its Cloud Alpha gaming headset even better

HyperX just made its Cloud Alpha gaming headset even better

View

From around the web

Page 1Page 1ear iconeye iconFill 23text filevr