European banks temporarily froze PayPal transactions worth billions after fraud system failure triggered widespread suspension of direct debits and delayed payments for online merchants and customers.
A number of German lenders, including Bayerische Landesbank, Hessische Landesbank and DZ-Bank, reportedly halted direct debits linked to the online payment platform after detecting suspicious activity. German newspaper Süddeutsche Zeitung said the total amount involved could exceed €10 billion.
Read more…
Source: TechRadar News
Sign up for the Cyber Security Review Newsletter
The latest cyber security news and insights delivered right to your inbox
Related:
- Hackers Now Have Incredibly Sophisticated Ways to Breach Banks’ Defenses
November 29, 2017
Global banks need to do more to protect themselves from cyberattacks after a “significant evolution” in the threat level in the last 18 months, according to the SWIFTglobal payments network. Hackers are deploying increasingly sophisticated ways of breaching banks’ cyber defenses to launch finely orchestrated attacks, SWIFT said in a report co-written with defense contractor BAE Systems. ...
- Banking Trojan Gains Ability to Steal Facebook, Twitter and Gmail Accounts
November 14, 2017
Security researchers have discovered a new, sophisticated form of malware based on the notorious Zeus banking Trojan that steals more than just bank account details. Dubbed Terdot, the banking Trojan has been around since mid-2016 and was initially designed to operate as a proxy to conduct man-in-the-middle (MitM) attacks, steal browsing information such as stored credit card information ...
- DHS, FBI describe North Korea’s use of FALLCHILL malware
November 14, 2017
The North Korean government has likely been using the malware since 2016 to target the aerospace, telecommunications, and finance industries, the US government says. The federal government on Tuesday issued an alert detailing the North Korean government’s use of malware known as FALLCHILL, warning that North Korea has likely been using the malware since 2016 to target the ...
- New IcedID Trojan Targets US Banks
November 13, 2017
Researchers are warning users about a wave of recent attacks targeting U.S. financial institutions that leverage a new banking Trojan dubbed IcedID. The IcedID Trojan was spotted in September by researchers at IBM’s X-Force Research team. They said the Trojan has several standout techniques and procedures, such as the ability to spread over a network and ...
- Fast-growing cyber crime threatens financial sector: Europol
November 8, 2017
The “remorseless” growth of cyber crime is leading to 4,000 ransom attacks a day and gangs’ technological capability now threatens critical parts of the financial sector, the head of Europol said on Wednesday. Online criminals have become so sophisticated that gangs have created “conglomerations” with company structures that specialize in different criminal activities to carry out ...
- Ursnif Banking Trojan Spreading In Japan
October 26, 2017
Attackers behind the pervasive banking Trojan Ursnif have made Japan one of their top targets, delivering the malware via spam campaigns that began last month. For years, Ursnif (or Gozi) has targeted Japan along with North America, Europe and Australia. But according to a recent IBM X-Force analysis of the malware, hackers have stepped up Ursnif ...