BankThink

Receiving Wide Coverage ...British bank hacked: Tesco Bank, a unit of U.K. grocery chain Tesco PLC, said Monday that hackers stole money from customer accounts over the weekend, earning the bank "the rare and dubious distinction of losing customer money in a cyber-attack," in the words of the Wall Street Journal. CEO Benny Higgins said about 20,000 accounts had money stolen from them. "Although the numbers are small, the incident is the stuff of nightmares for bank CEOs who are spending billions of dollars to protect their intricate computer systems from cyber-attacks," the Journal said. The paper noted banks have been hacked before, but it is rare for customer funds to be stolen. The Financial Times notes the attack "exposes vulnerabilities," while other articles ponder the implications for the bank and depositors and shareholders. The bank "temporarily stopped online transactions from all current accounts," the FT reported. Wall Street Journal, Financial Times, American Banker

The rules can be tricky, but social data can add lots of detail that can help prove identity and reduce fraud.

American Banker is pleased to bring you Breaking Banks, hosted by Brett King, and featuring the editors of American Banker.

Handled correctly, vendor contract management during the course of a merger can go from being a just another integration chore to becoming a key benefit of the transaction.

Guidance on regulatory expectations is helpful, but it is not yet clear whether such guidance gives financial institutions impetus to onboard or keep clients they perceive to be riskier.

If the Democratic nominee wins the presidency, she could quickly face opposition from within her own party regarding her moderate views on banking and economic policy, particularly from Sen. Elizabeth Warren.

Breaking News This Morning ...HSBC reports: Shares of HSBC jumped 4% Monday after the bank said its main capital ratio rose to 13.9% at the end of the third quarter from 12.1% at the end of June, raising hopes of a dividend increase. Still, it was hardly a great quarter for the bank, as it reported a $204 million net loss versus a $5.23 billion net profit a year earlier. The results included a $1.7 billion charge for selling its Brazil business. Wall Street Journal, Financial Times

Mobile wallets need to be open and accessible across all systems.

There are a few lessons credit union leaders can learn from the Wells Fargo debacle in order to manage a crisis from the executive level.

Revelations from the last several weeks once again underscore the need for effective reputational risk management.