WHITTIER, Calif. - (04/26/06) Local police are searching fora young hacker who until recently lived with his parents, but sincethen has moved from hotel to hotel as he has led a ring of creditcard thieves. Three suspects were arrested last week but theringleader remains at large while police try to tally the losses tomore than a dozen credit unions and banks around the country. Thering has apparently hacked into the websites of theinstitutionsincluding LA FCU, Orange County's FCU, Vista FCUand California Coast CUand gained confidential memberinformation that they have used to make counterfeit credit cards byduplicating the magnetic stripes with the members' data, accordingto Det. Ed Nyberg of the Whittier Police Department. The cards havebeen used to buy thousands of dollars of high-priced electronicequipment and make cash withdrawals on the credit unionmembers accounts, he said. Ive got creditunions all over the country involved, Nyberg told The CreditUnion Journal. Other victims are customers of MBNA and CommerceBank of Kansas City, he said. Whittier Police arrested threefigures in the ring, but the alleged ringleader, identified as22-year-old Robert Foote, remains at large. Foote, who usuallylives with his parents in this suburb of Los Angeles, has recentlybeen moving from hotel to hotel to elude police, according toNyberg.
-
Lake Shore Bancorp in Western New York has reached a "standstill agreement" with the Stilwell Group, which has promised not to force a merger or sale in the next three years.
March 20 -
Swiss banking giant UBS Group received federal approval from the Office of the Comptroller of the Currency to convert its $1.6 trillion-asset UBS Bank USA from a Utah-chartered industrial bank to a national charter.
March 20 -
Early industry reaction to the Federal Reserve's Basel III proposals points to potential capital relief for banks, though stakeholders say the complexity of the changes makes their overall impact unclear.
March 20 -
Financial institutions that delay or fail to take this leap risk losing customers and revenue, said speakers at the inaugural On-Chain Executive Summit.
March 20 -
CISA and Microsoft urge organizations to secure endpoint management systems as threat actors increasingly seek to disrupt operations with wiper malware.
March 20 -
Piermont Bank hired Dennis Day for a new executive role focused on payments; the American Bankers Association announced the global expansion of its widely used Fraud Contact Directory; MC Bankshares moved one step closer to finalizing its sale to an investor group; and more in this week's banking news roundup.
March 20











