One of history’s most sophisticated bank heists happened just a few months ago, but for this one, no getaway car was required. We’re deep into the digital age now, so it’s no longer a surprise when criminals raid bank accounts using nothing but computer keyboards and hacking software. What’s different about this one is the scale. On the day of the robbery, nerd-thugs around the world walked up to ATMS, pulled out special debit cards and withdrew a whopping $45 million. It was a massive 21st-century crime and a significant lesson for financial institutions about the importance of tight security.
The operation unfolded on two different days, December 12, 2012 and February 19, 2013. These two coordinated attacks used operatives spread out over 27 countries on five continents to steal money from over 5,000 ATMs. How were these roughly 81,000 transactions possible? How did they do it? [click to continue…]
Judging by the details of a lawsuit filed in California earlier this May, state attorney general Kamala D. Harris believes that the suits at JPMorgan Chase are just a bunch of dirty crooks. The state alleges that Chase, one of the nation’s largest banks, has been using illegal tactics to collect unpaid balances from its credit card-holding customers. It’s not the first time Chase has come under fire for unlawful practices – they’ve been hit with a slew of lawsuits in recent years, along with Visa, MasterCard and a number of other big-name lenders. But we wouldn’t want to give the impression that this is just more of the same. Each and every time a bank gets sued, it’s a special moment. These lawsuits are like snowflakes. Each one is unique and beautiful in its own way.
According to the state of California, the problems began when Chase decided to set up a “debt collection mill” in order to sue their cardholders rapidly. [click to continue…]
