The Hottest News
Using computing power from a cluster of 200 PS3 game consoles and about $700 in test digital certificates, a group of hackers in the U.S. and Europe have found a way to target a known weakness in the MD5 algorithm to create a rogue Certification Authority (CA), a breakthrough that allows the forging of certificates that are fully trusted by all modern Web browsers.
Saying Yes, WaMu Built Empire on Shaky Loans By PETER S. GOODMAN and GRETCHEN MORGENSON Published: December 28, 2008
Washington Mutual stands out as a singularly brazen case of lax lending in a financial landscape littered with wreckage.
This is a great news article. Read it!
@dmgerbino
Underestimating/Overestimating end users, audit logging, and sloppy security are common to what I see within the bank environments I’m in.
I love the point it makes about communicating with tech savvy end users and getting them on your side. Information Security must be multi-layered and that doesn’t just mean firewalls and anti-virus. It includes discussions with the multiple levels of users within an organization.
First off, kudos to BankInfoSecurity for now posting fully formed posts without needing to login! Regarding the article, I see this as a BIG deal and community banks and credit unions better be ready for it as examiners aren’t going to be lax anymore.
The FDIC announced details regarding their recently approved 2009 operating budget. Not exactly your “stop the presses, hold all my calls” sort of thing, but it was worth my time to read through it. It was fairly mundane in the abstract, but one of the details jumped right off the screen at me: “The Board also approved an authorized 2009 FDIC staffing level of 6,269, an increase of 1,459 positions from the staffing level authorized at the beginning of 2008.”
Consumers are fleeing to community banks for higher returns. While community banks’ high yield REWARDChecking accounts are in the range of 6%, mega banks’ are offering CD’s with low yields that have restrictions, effectively tying up investments for years. www.checkingfinder.com
Highest yielding returns as of 12/8 on deposits in banks.
COMMUNITY BANKS- High-Yield Checking Accounts Community Bank of Pleasant Hill 6.1% First Robinson Bank 6.01% Legence Bank 6.01% Community Bank of Raymore 6.01% Three Rivers FCU 6.01%
MEGA BANKS WAMU 5% CD 5 years eLoan 4.9% CD 6 years Schwab 4.2% CD 3 years ING 3.75% CD 1 year
The recent Red Flags update now mandates that financial institutions employ methods to detect network-based ID Theft and Fraud attempts. This comes on the heels of a recent IBM survey which found that over 100 Million disclosure notifications were issued to bank customers in 2007 admitting the exposure of their private financial data. This whitepaper describes how Data Loss Prevention, endorsed by many financial analyst groups, is a very effective solution for enforcing Red Flags compliance.
