How Chinese spies hacked into computers at the Federal Deposit Insurance Corporation from 2010 until 2013 — and American government officials tried to cover it up.
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The most vulnerable point in a bank’s network today might just be Bill over in marketing — or any employee. Humans are by nature vulnerable to social engineering and may discuss where they work on social media — LinkedIn is a treasure trove for would-be bank hackers. A common attack against aRead More
It’s been a year since the Federal Deposit Insurance Corporation (FDIC) conditionally approved a de novo charter for Primary Bank. Based in Bedford, New Hampshire, the new Primary Bank raised an astounding $29 million after obtaining approval for its charter on March 17th of 2015. But Primary Bank was not theRead More
The tumult surrounding the $28,500 loan through Prosper to Syed Rizwan Farook, one of the shooters that killed 14 people, can only be called misguided. There’s also a streak of disingenuousness coming out of bank regulators that deserves to be called out. What is clear is that Farook, the husband inRead More
If you want to know what’s screwed up about banking, check out Square 1 Bank. Here at Bank Innovation, we decided to do a little experiment. We’ve long covered digital retail banking startups, like Simple and GoBank. But we wondered what options were available for small businesses, like, well, Bank Innovation? SoRead More
Prepaid cards offer a significant opportunity to broaden product lines and modernize customer‐facing applications without massive changes to core processing systems. How should financial institutions grapple with, take advantage of, or succumb to prepaid in the coming decades?
Prepaid is a great business for card issuers — but it’s one regulators are looking at with growing interest. For bankers, those are scary words.
Just as The Bancorp‘s stock was plummeting 30% after the company was hit with a Federal Deposit Insurance Corp. consent order over too-lax anti-money laundering practices in its prepaid card business, the company’s chief executive officer did something unexpected: she bought more company stock. Betsy Z. Cohen, The Bancorp’s CEO, purchasedRead More
Mobile banking is not just for the wealthy — far from it. A report from the Federal Deposit Insurance Corporation released today says just the opposite: the underbanked are greater users of mobile banking services than those with higher incomes. But the underbanked often rely too much on their mobileRead More
Mt.Gox declared bankruptcy today, leading to widespread fears about the security of other bitcoin exchanges. Could banks step into the breach? Could banks even release their own brands of virtual currencies? In the early days of paper money, banks issued their own notes. (See left.) But as time went on,Read More