Last month we reported that Scotiabank Canada introduced new fees for small businesses, requiring them to pay $25/month for allowing their customers to pay their bills electronically.
Apparently, The Bank of Nova Scotia realized that this fee was a bad idea and rethought its policies.
Or at least that’s what the press reports.
According to a story in Vancouver Sun, one of the small businesses earlier slapped with this fee received the following message from Scotiabank: (more…)
While businesses and consumers alike are attracted by the flexibility of online banking, it should be noted that this great tool carries inherent security risks. Consider that FBI Director, Robert Mueller, recently announced that he had been banned by his wife from using his online banking service after he nearly became the victim of a phishing scam.
Muller’s wife was probably right to be concerned. Australian Bureau of Statistics (ABS) research found 6 million people are exposed to scams and frauds during any given year, with over 800,000 falling victim in some way. The financial losses are of major concern – with almost $1 billion in losses.
Lloyd Borrett, AVG (AU/NZ) Marketing Manager said, “The use of the Internet by cyber-criminals to mass-market fraudulent schemes is unprecedented and increasing rapidly. Given that so many of these criminal perpetrators are not within easy reach of Australian law enforcement agencies, all businesses need to be more vigilant than ever, especially while banking online.” (more…)
While these are good news, these are also some rather alarming news at the same time.
The good news are that Spanish authorities report that they’ve busted three online banking fraudsters that were in control of over 12.7 million infected computers worldwide.
The bad news are that according to Spanish authorities these infected computers included more than half of the Fortune 1,000 companies, along with more than 40 major banking institutions.
The suspects, who were apparently after financial and personal data stored on infected computers, which they used to gain access and clean out online financial accounts and possibly sold to other criminal groups, were busted after a long investigation into the botnet dubbed ‘Mariposa’. Further arrests are expected in additional countries. (more…)
Back, in December 2009 Google Inc. noticed that it is under a massive hacking attack. Within days it released this statement:
“In mid-December, we detected a highly sophisticated and targeted attack on our corporate infrastructure originating from China that resulted in the theft of intellectual property from Google. However, it soon became clear that what at first appeared to be solely a security incident—albeit a significant one—was something quite different.”
Since then it’s been found that apart of Google itself, this hacking attack targeted over 30 major American corporations, targeting financial and online banking data, personal and private information, and even somehow reaching into the media sector.
Now U.S. security analysts closed in on one of the perpetrators of this crime – a Chinese programmer closely affiliated with the Chinese government. (more…)
In a recent press release Scotiabank stated that it’s working together with USA based M-Com in order to bring its own full featured mobile banking app to its clients, while TD Canada Trust Senior VP Paal Kaperda recently revealed to The Financial Post that TD is “definitely looking” into getting a full featured mobile / online banking app of its own.
According to the FDIC, American financial securities regulating agency, as many as 702 banks in the USA are near failure as of beginning of 2010.
In a statement the Federal Deposit Insurance Corporation (FDIC) writes that as a result of its fourth quarter 2009 audit, it discovered that 702 banks from the USA that hold a collective $402 billion USD in assets are near collapse – a 27% increase since the last audit that was done for third quarter 2009.
Since the beginning of the year (2010) at least 20 American banks went belly up, while there may be many more following them. (more…)
Online-Bank.ca wanted to bring to your attention that we’ve updated our online banking forumsUK section and are still in the process of reorganizing them.
We’ve also wanted to bring to your attention that the following new United Kingdom forum sections are now available for posting.
Online-Bank.ca wanted to bring to your attention that we’ve updated our online banking forums Offshore section and are still in the process of reorganizing them.
We’ve also wanted to bring to your attention that the following new offshore forum sections are now available for posting.
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