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Tesco Bank breached: Money stolen from 20,000 accounts
The UK's Tesco Bank has confirmed that tens of thousands of its customers' current accounts were compromised over the weekend, leading to fraudulent withdrawals to the tune of several hundreds of pounds, in some instances. Suspicious activity was seen across some 40,000 accounts, with money taken from around 20,000 of those, the bank's chief exec told the BBC. In reaction, Tesco Bank has temporarily frozen all online payment facilities for current accounts, and guaranteed affected customers will receive full refunds as soon as possible.
Simple unveils a smarter spin on shared bank accounts
Simple's online-first approach to banking has been a breath of fresh air for a typically conservative industry. Now, it's hoping to shake things up again with Simple Shared, it's own take on joint bank accounts. Just as usual, it allows two people to access and contribute to a single account with two debit cards. But Simple adds an additional layer of transparency, so that you can actually see who made what purchases (yes, figuring that out is actually a problem among married folks). And of course, the Simple Shared accounts also have access to all of the company's existing saving and planning tools.
Atom is a new UK bank that'll have no branches, just apps
Banking is a bit of an old boys' club dominated by a few huge, lumbering corporations, but up-start Atom thinks it's time for a new player with a different approach. Atom wants to take mobile banking seriously; so seriously, in fact, that it aims to exist almost solely as a mobile app. The company has just been granted a UK banking licence and plans to launch later this year, first using mobile apps to offer its services before graduating to desktops in due course. Atom will have a 24-hour support team available by phone, email, webchat and social networks, but the idea is you can do everything, even open an account, from within the mobile app.
Bitcoin-Central becomes first Bitcoin exchange licensed to operate like a bank
BitInstant may be aiming for a Bitcoin debit card, but it looks like a European Bitcoin exchange will beat it to the punch. After working with French financial regulators, Bitcoin-Central has hammered out a deal with French payment processor Acoba and France's Credit Mutuel bank to become a payment service provider, which allows it to function much like a bank. According to Bitcoin-Central, it's the first exchange of the digital currency to be licensed to operate as a bank and function within the framework of European regulations. Customers will now have funds held under their name -- rather than that of the exchange -- at Credit Mutuel and insured by the Garantie des dépôts, the French analog of the FDIC (Federal Deposit Insurance Corporation). Soon, users of the service will be able to order debit cards that can use Bitcoins and Euros for purchases and cash withdrawals. Yearning for some direct deposit action? In a few months, the organization will be able to accept direct deposits and even automatically convert hard-earned cash into Bitcoins. The virtual bullion has taken its lumps, but this is a development that fans of the currency can be proud of. For more details, tap the bordering source link. [Image credit: Zach Copley, Flickr]
Bank of America app allows deposits through your iPhone or iPad
Bank of America isn't the first to implement this, but customers will be happy to see that the latest update to its iOS apps add the ability to make deposits using a camera on the iPhone or iPad. The iPad version came out July 26, and the iPhone update rolled out Tuesday. You need to be enrolled in Bank of America's online banking program, and your transactions are encrypted. The update also adds push notifications and allows you to send money to others using their mobile number or an email address.
PayPal's Digital Wallet lets you decide how you empty yours (video)
PayPal has been helping us pay for those impulse purchases for a long time, but now its forthcoming Digital Wallet could see it popping up on our bank statements a whole lot more. Speaking with eBay Ink, PayPal's Sam Shrauger gave a quick demo of some of the new features. As well as the regular payment handling, you'll be able to register gift vouchers, coupons, loyalty points and store credit cards all under one account. This sounds tidy, but more interesting is the ability to change how you pay for something (say, from credit to debit card) up to seven days after the fact. If you want to keep those big purchases on the Amex, that's no problem either, with configurable rules letting you assign different cards to different spending situations, including setting your own custom payment plans. It's not all about buying either, with savings also getting the digital treatment, that's if you haven't doled it all out on gadget rarities. The service is expected to land in May, in the meantime see the new features via the videos after the break.
Kinect hack lets you manage your bank account with gestures, will occupy your living room (video)
You know all those convoluted gestures and hate-infused fist pumps you make every time you look at your bank account? Well, you can now put them to good use, thanks to a new Kinect hack from Lithuania-based Etronika. The company's software, which made its debut at last week's CTIA E&A event, effectively brings motion-controlled banking directly to your living room. All you have to do is stand in front of your display, clap your hands to choose an icon, or wave your hand back and forth to navigate across the app's carousel menu. This means you can pay your bills, check your balance and return to fetal position without even touching a sharp object. "A lot of banking software apps are filled with boring crap," Etronika CEO Kestutis Gardziulis explained with refreshing candor. "With our software, you could be on the couch at home, having a beer, all while dealing with your bank account and kicking back." Beer, banking and body language -- sounds scandalous! Head past the break to watch a demo video, starring Pam Beesly's doppelgänger.
Jailbroken iPhones exposed to second worm, this time malicious
As inevitable as the sun rising in the East and setting in the West, an innocuous iPhone worm has been transformed into a malicious bank details-stealing virus. The second recorded iPhone infection operates on exactly the same principles as the first, as it targets jailbroken handsets with SSH installed, but this time adds the ability for the hacker to remotely control and access the phone. By throwing up a purported ING Direct login page, he (or she, or they) can collect your online banking credentials and, presumably, all the cash they are supposed to protect. Presently isolated within the Netherlands, this outbreak may spread further still, as it is capable of infecting other jailbroken iPhones on the same WiFi network.
IBM develops ZTIC USB stick for secure online banking
Among the goodies making their debut at CeBIT this week, ZTIC (Zone Trusted Information Channel) is a USB stick designed for secure online banking, even on your horribly malware-infected machine. Developed in Zurich by IBM, this guy opens an SSL connection with the bank's servers, keeping the data safely on its side of things (this guy has no storage of its own) and displaying the transaction on the hardware itself. Even if your connection is breached by a "man-in-the-middle" attack, the hacker's funny business will be exposed on the device's display, which comes equipped with a big red "panic" button -- just in case. Pricing and availability for banking institutions has yet to be determined, but we do have a boss video for you after the break.[Via PC World]
Cingular launches mobile banking with top US banks
AT&T will be bringing a mobile replacement for credit cards, checks and cash soon to that AT&T-branded phone, as the carrier is partnering with some big-name banks for what could be the largest mobile banking push in the US so far. AT&T customers will be able to manage bank accounts and pay bills through Wachovia, BancorpSouth, Regions Financial and SunTrust banks using an application on their handset (we're thinking a J2ME app). The good news: AT&T's partnering with three of the top U.S. banks combined with free usage of this new mobile banking app will most likely draw more customers to its wireless Internet services -- and we're sure AT&T had that in mind here.
