A large number of banks, credit unions and other financial institutions just pushed customers onto new e-banking platforms that asked them to reset their account passwords by entering a username plus some other static identifier — such as the first six digits of their Social Security number, or a mix of partial SSN, date of birth or surname. Here’s a closer look at what may be going on (spoiler: small, regional banks and credit unions have grown far too reliant on the whims of just a few major online banking platform providers).
You might think it odd that any self-respecting financial institution would seek to authenticate customers via static data like partial SSN for passwords, and you’d be justified for thinking that, too. Nobody has any business using these static identifiers for authentication because it’s all for sale on most Americans quite easily and cheaply in the cybercrime underground. The Equifax breach might have “refreshed” some of those data stores for identity thieves, but most U.S. adults have had their static details on sale for years now.
On Feb. 16, KrebsOnSecurity reader Brent Hoeft shared a copy of an email he’d just received from his financial institution Associated Bank, which at $30+ billion in assets happens to be Wisconsin’s largest by asset size.
We often hear about the impact of cybercrime, but too seldom do we read about the successes that law enforcement officials have in apprehending those responsible and bringing them to justice. Last week was an especially busy time for cybercrime justice, with authorities across the globe bringing arrests, prosecutions and some cases stiff sentences in connection with a broad range of cyber crimes, including ATM and bank account cashouts, malware distribution and “swatting” attacks.
A 2011 hacker break-in at banking industry behemoth Fidelity National Information Services (FIS) was far more extensive and serious than the company disclosed in public reports, banking regulators warned FIS customers last month. The disclosure highlights a shocking lack of basic security protections throughout one of the nation’s largest financial services providers.
Organized cyber criminals stole almost $11 million in two highly coordinated ATM heists in the final days of 2012, KrebsOnSecurity has learned. The events prompted Visa to warn U.S. payment card issuers to be on high-alert for additional ATM cash-out fraud schemes in the New Year.
An international cybercrime gang stole $13 million from a Florida-based financial institution earlier this year, by executing a highly-coordinated heist in which thieves used ATMs around the globe to cash out stolen prepaid debit cards, KrebsOnSecurity has learned.