Tag: bank | Page 2

Industrial and Commercial Bank of China suffers ransomware attack; trades in US Treasury market disrupted: Report

November 9, 2023/in Internet Security

Industrial and Commercial Bank of China (ICBC), the country’s largest commercial lender by assets, reportedly suffered a ransomware attack on Thursday that disrupted the trades in the US Treasury market. However, the impact of the ransomware attack seemed to be limited, Reuters reported.

In a statement, ICBC Financial Services said a ransomware attack resulted in disruption to certain systems and it was conducting an investigation and “progressing its recovery efforts.”

The bank said it had successfully cleared Treasury trades executed on Wednesday and repurchase agreements (repo) financing trades done on Thursday.

The Treasury trades executed on Wednesday and repurchase agreements (repo) financing trades done on Thursday had been successfully cleared, the bank said.

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Bloomberg reported citing people familiar with the situation that a prolific criminal gang known as Lockbit is suspected to have orchestrated the hack.

According to some market participants, trades going through ICBC were not settled due to the attack and this affected market liquidity, Reuters reported.

In ransomware attacks, hackers encrypt an organization’s systems and demand ransom payments in exchange for unlocking them.

The Financial Times earlier had reported that the US Securities Industry and Financial…

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Be careful of fraudsters hacking into your bank account and saddling you with debt

October 14, 2023/in Computer Security

SINGAPORE – Malware scammers not only empty victims’ bank accounts, they are also able to take up credit card and personal loans through a victim’s compromised banking app.

In malware scams, victims are typically tricked into downloading an app from non-official app stores that will allow the hacker to spy on their activities and take control of the device.

Hackers have used such malware to empty more than $10 million from compromised bank accounts in the first half of 2023, involving more than 750 cases, according to mid-year scam statistics provided by the police.

But now, they are also taking out bank loans to get access to more cash.

Between January and August, at least 30 victims were saddled with loans in the form of credit card cash advances, with the money transferred out of their accounts, the police told The Sunday Times.

ST tested the apps of three major retail banks in Singapore – DBS, OCBC and UOB – to compare the loan process.

DBS/POSB

Tests by ST found that users can apply for a credit card personal loan within seconds on DBS Bank’s digibank app.

Once logged in to the app, users can apply for a loan by tapping the “personal loan” button.

Without requiring any additional verification, the app springs up a pop-up showing the maximum amount the user is permitted to borrow, indicating to the user how much cash can be withdrawn.

The user is required to enter the loan amount, which credit card the loan is attached to and the loan tenor.

The money can be disbursed to any of the users’ accounts.

At no point during the loan application did the app ask for any additional verification, such as via national authentication system Singpass, security questions, one-time passwords or other details like the user’s address.

Checks by ST showed that this process is identical for accounts into which a user’s salary is credited.

Within a minute of sending the loan application, $500 in cash was disbursed to this writer’s account.

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Android: This Android malware that can make your bank account empty is spreading

October 11, 2023/in Computer Security

TIMESOFINDIA.COM | Oct 11, 2023, 14:58 IST

A new Android malware variant called GoldDigger has been detected targeting financial organizations in Vietnam. The malware disgui…
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A recently discovered Android malware variant is currently spreading and can be very dangerous for users. This new bug has the ability to illegally extract funds from several banking apps. In a blog post, cybersecurity researchers Group-IB confirmed that this Android trojan was detected in August. The malware is currently targeting financial organisations in Vietnam. So. Indian users shouldn’t need to worry about the malware which is codenamed GoldDigger. The security research company also noted that it has informed clients in Vietnam and beyond about its findings. Moreover, the cybersecurity company has also shared its data with VNCERT (Vietnam Computer Emergency Response Team).

How this trojan can affect users
This GoldDigger Android trojan has been active since June 2023, Group-IB claims. The malware disguises itself as a fake Android app and can impersonate both a Vietnamese government portal and a local energy company.

The main goal of the Android bug is to steal banking credentials. Just like many other Android Trojans, the malware abuses Accessibility Service to extract personal information, intercept SMS messages, and perform various user actions. GoldDigger also has a remote access capability.

How the malware remains undetectable
One of the main features of GoldDigger is its use of an advanced protection mechanism. Virbox Protector, a legitimate software, was identified in all discovered samples of GoldDigger. This software allows the trojan to…

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Woman loses over $20k from credit card and bank accounts after downloading third-party app

August 18, 2023/in Internet Security

SINGAPORE – A food delivery order that was supposed to cost $58 ended up costing Ms Lim (not her real name) over $20,000 after scammers took control of her Android phone and banking details remotely.

Ms Lim, 54, lost almost $20,500 from a credit card account and two DBS savings accounts in hours after she clicked on a link to download a third-party app, following which scammers then increased her credit limits and siphoned out all her money.

She had been looking for healthy tingkat (tiffin) meal delivery options for her elderly parents, and on July 26, she made an inquiry after seeing a Facebook ad from a company called Healthy Box.

The ad appeared to be from local caterer Grain, whom she had ordered from before. Hence, she was not suspicious.

She contacted the poster of the advertisement via Facebook messenger, after which the conversation continued on WhatsApp at around noon that day.

After the person confirmed they were from Grain, they sent her a link via WhatsApp to download an app – one that she had not used before – to make the order. She then installed the app, which she said looked exactly like the mobile-enabled version of Grain’s site.

When asked to make payment of $58 via PayNow to another number, she received a message saying that the vendor had not installed PayNow and that she could send the vendor a link to do so.

She then messaged the person to inform them that their PayNow was not working and asked them to check on it, but did not receive a reply.

Ms Lim, who works in events and marketing, went back to her online meetings. About 90 minutes later, when taking a lunch break, she noticed that her phone felt “burning hot”.

When she switched it on, the phone showed a blank screen and it had automatically performed a factory reset. Not suspecting anything, she followed the sequence to reset the phone and set it up again, as one would with a new phone.

Later that day, when she attempted to use her ATM card to withdraw money at around 6pm, she realised that her bank balance was zero.

She called the DBS customer service hotline, and an officer confirmed that $20,493.87 had been transferred out of her account.

A few days later, she went to…

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Tag Archive for: bank

DBS/POSB