Singapore is world's No 1 target for banking trojans: Kaspersky

From DNA –

“Singapore ranks as the top country globally for Kaspersky Lab users being attacked by banking trojans in the second quarter of 2015, the security software company said.

According to a study done recently, 496 Kaspersky Lab users in the city-state had sustained such attacks during that period.

In the second quarter of 2015, Kaspersky Lab solutions had deflected attempts to launch malware capable of stealing money via online banking on the computers of 755,642 users globally.

This is a decrease of 18.7% compared to 735,428 in the previous quarter, the company said in a statement.

Switzerland, Brazil and Australia were next in line in the list of top countries respectively. Hong Kong emerged as the fifth country in the list and also as the only other country in the Asia Pacific region.”

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The bank cost problem technology hasn't solved – yet

From Financial Review –

“The banking sector's headwinds were laid bare during the dramatic interim reporting season last week: margins have been squeezed to a record low, return on equity is contracting and capital levels are moving higher.

The big banks are also feeling their "jaws" [the gap between revenue and costs] narrow. Revenue grew, but remains under pressure from a sluggish economy struggling to find its next gear after the mining boom faltered. Meanwhile, operating costs notched upwards during the half; according to PwC, IT expenses across the big four banks rose 6.8 per cent over the half, while total staff expenses were up 3 per cent.

With their share prices under pressure and the outlook for credit growth looking benign, the current operating environment will force the banks to search for productivity improvements. Each of the big banks spends around $1 billion a year on various technology initiatives; but when will these big investments in IT start to yield quantifiable results in terms of reducing operating costs?

Australia's banks are great big technology companies. They employ tens of thousands of computer engineers and maintain close relationships with IT giants like Oracle, IBM and SAP. Big banks headquarters swarm with management consultants and their directors and senior managers flock to Silicon Valley to pick up digital wisdom. Innovation labs are de rigueur.”

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Whistleblower's NAB leak reveals persistent bad behaviour in financial planning

From Sydney Morning Herald –

“It was early August 2014, and the financial advice industry was on red alert. The Commonwealth Bank's chief executive had just "unreservedly" apologised for a scandal involving fraud, forgery and a cover-up within the bank's financial planning operations. Allegations had just surfaced about cheating on professional exams at Macquarie Group.

And within National Australia Bank, a sensitive and explosive report was circulating.’

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Australian Banks Plan Billion-Dollar Upgrade to Allow Real-Time Payments

From Coin Telegraph

“Australian bankers are feeling the pinch as the Bitcoin community grows ever larger in the country, and the banks are planning to spend AU$1 billion on an upgrade that will decrease processing time.

The number of merchants that are accepting Bitcoin, and of exchanges that are buying and selling virtual currencies, grows every day. The future of Bitcoin, especially as the currency relates to taxes, is still up in the air in Australia, but bankers are already seeing a potential threat, unless they improve their own services. ANZ chief Philip Chronican summed up some of the concerns that banks in Australia are currently addressing:

Banks have certainly embraced computer technology, but they still find themselves falling far behind other paradigms, especially when traditional payment platforms such as PayPal, and virtual currency platforms such as BitPay, are able to instantly transfer huge sums. Merchants are often forced to wait for days after each sale before their funds are deposited in banks.”

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