New banking Trojan keeps bank account session open even if you log out

A new banking Trojan has been created to steal funds from people’s accounts even after they logged out.

According to findings recently published by Trusteer, a security firm, shows that the new Trojan dubbed OddJob allows hackers to hijack customers’ online banking sessions in real time using their session ID tokens. As the session remains open perpetrators can freely access accounts for illegal purposes.

Trusteer says that OddJob is operated by cyber crooks located in Eastern Europe who attack bank customers in different countries. This has included victims in the US, Poland and Denmark.

Trusteer reported further that the malware has evolved since its first discovery, indicating that it is something of a work in progress. The malware is capable of various functions, depending on its configuration, from logging GET and POST requests, to grabbing full pages, terminating connections and injecting data into web pages.

The malware's configuration is not saved to disk, where it might be more easily detected by anti-virus applications. Instead a fresh instance of the malware is fetched from a control server each time a new browser session is opened.

The Reasons for the Different Types of Risks Faced by Banks

One of the most misunderstood terms, especially when one relates it to banking, is that little word "risk".

Read what one of our Principal Associates has written in a new article published in Ezene Articles – CLICK HERE.

Christchurch earthquake – Central Bank responds to ensure banking services

The New Zealand Reserve Bank has announced that it is working closely with authorities and financial institutions to ensure financial services are available to people and businesses in Christchurch following the damaging earthquake.

Reserve Bank Governor Alan Bollard extended sympathy to the people of Christchurch affected by the disaster.

“We can only imagine how difficult this is with the loss of lives, homes and buildings, the injuries and dislocation for people in Christchurch. The Reserve Bank is working hard to assist the recovery as fast as possible in terms of access to financial services, and ensuring markets remain stable,” Dr Bollard said.

The Reserve Bank is coordinating its assistance in the recovery efforts with the Government’s National Crisis Management Centre in Wellington.

“We are also working with affected banks and cash-in-transit companies to ensure the availability of cash in Christchurch. The Reserve Bank is ready and able to supply any cash required by banks. We have ample cash reserves and will issue cash to banks on any day required during this emergency situation.”

The Bank understands that some ATMs are operational. It is working closely with banks through issues of accessibility, electricity and telecommunications to ensure cash is available.

Dr Bollard said the Bank is monitoring financial markets, noting that New Zealand has well-established emergency procedures and insurance protocols.

“We have also been informed by banks that they are reinstating the loan assistance policies that were put in place after the September 2010 earthquake, and that the four major banks have each donated $1 million to support the immediate and long-term recovery.”

No problems have been reported with the national payments and settlement systems that the Bank operates (ESAS and NZClear).

UniCredit files a suit against Irving Picard

One of the defendants in Madoff case Italian bank UniCredit SpA has filed a lawsuit against Irving Picard, a trustee liquidating Bernard Madoff's assets. According to the papers Irving Picard has exceeded its authority vested by the US Congress.

It became known that UniCredit tries to get the case moved from the US Bankruptcy court and the bankruptcy judge must address many complex matters of non-bankruptcy federal law to resolve trustee's "unbounded claims,".

According to the Italian giant there was a serious risk of duplicative recoveries and inconsistent results and a "virtual certainty of judicial inefficiency."

Also it became known that New Jersey Rep. Scott Garrett addressed the Congress with the legislation protecting ex-investors of Madoff from claims of the victims suffered from Ponzi scheme.

According to him the ordinary investors were not aware of the scam scheme and nature of the profits they received. “I introduced this legislation because I am increasingly concerned that the trustee in the Madoff case is ignoring the law and failing to provide prompt assistance to those who have been thrust into financial chaos,” said Garrett.

Global financial reforms - Financial Stability Board reports to G20 on progress

This past Saturday the Financial Stability Board (FSB) published its report to G20 Finance Ministers and Central Bank Governors at their meeting in Paris.

The report sets out the most recent progress on the implementation of the G20 recommendations for strengthening financial stability.

The G20 Finance Ministers and Central Bank Governors recommitted to pursuing the reform of the financial sector. To do this the G20;

• will implement fully the new Basel III standards for banks within the agreed timelines,
• issued a call for completion by the November 2011 G20 Summit of ongoing policy work on systemically important financial institutions, 
• will implement in an internationally consistent and non-discriminatory way the FSB’s recommendations on OTC derivatives and on reducing reliance on credit rating agencies’ ratings,
• urged all jurisdictions to fully implement the FSB principles and standards on sound compensation practices, and looks forward to ongoing monitoring, including the publication of the FSB’s second peer review in mid-2011, and
• looks forward also to the preparation by the FSB by mid-2011 of recommendations on regulation and oversight of the shadow banking system.

The FSB has been established to coordinate at the international level the work of national financial authorities and international standard setting bodies and to develop and promote the implementation of effective regulatory, supervisory and other financial sector policies in the interest of financial stability.

$2 banknote sheets - The Engadget Show

Steve Wozniak prints his own pads of $2 bills... and spends them. He'll sell you a sheet with 4 bills for $5. Joshua Topolsky investigates this interesting bit of commerce on The Engadget Show.

For those who don’t know, Steve "Woz" Wozniak is a US computer engineer who co-founded Apple Computer together with Steve Jobs and Ronald Wayne.

Enjoy!

My kind of bank

BNP Paribas has opened its concept 'laboratory' branch in Paris to test new technologies and a "new approach to banking relationships".

How would you like a bank that;

• Offers a self-service section where customers can transact cash and cheque transactions from 7am to 11pm, every day of the week?
• Where iPads are welcome in the 'banking boutique' area where customers can browse the banks products and services?
• Where clients can access economic and financial information as well as the main stock market prices in both French and English? 
• That provides a separate lounge area with free Internet surfing via smartphone or iPad?
• And ... has a play area for the kids where they can draw on a tiled wall or just watch TV?

Plus all of this is in pretty chic surroundings too. This is definitely the sort of bank I would like to do my business at. It certainly propels banking into a luxurious new world.

Watch this video and enjoy.