Why does this story keep going and going? And why am I cheering for the bad guys? Oh, I despise the banking system.
U.S. regulators have put the country’s banks on notice, warning them to secure vulnerable computer systems before hackers are able to strike.
A group of U.S. regulatory agencies have directed banks to quickly shore up authorization practices and fraud detection in order to guard against hacks through their messaging and payment networks.
The warning from the Federal Financial Institutions Examination Council comes after hackers known as the “Lazarus Group” pulled off at least four high-profile digital bank heists, stealing more than $100 million — and so far, getting away with it.
What the hackers have done is steal a bank’s credentials from SWIFT, the worldwide interbank communication network that settles transactions, in order to make transfers. Read more at CNN Money.