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.
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JPMorganChase wants to expand its digital bank offerings to three more European countries, according to a new Financial Times report; M&T Bank Corp. elects Jerry Jacobs Jr. to the board of directors of both its parent and banking subsidiary; Citizens Financial Group names Chris Emerson as head of investor relations; and more in this week's banking news roundup.
June 19 -
Banks that don't embrace embedded payments now risk losing out to more nimble rivals in the near future.
June 19 -
Anthropic's head of banking told New York Banking Summit attendees that the future is agents that operate autonomously alongside employees.
June 19 -
Chair Travis Hill said SVB showed banks can't always sell securities fast enough to cover deposit outflows, but acknowledged the "stigma problem" with discount window borrowing remains unsolved.
June 18 -
At a conference in New York, Joseph Otting reflected on the difficult hiring decisions he made early in his tenure heading Flagstar Bank, which just two years ago was on the verge of collapse.
June 18 -
Back-office automation fintech BILL Holdings is using JPMorgan Payments white-label digital wallet to subledger its own clients' accounts. Reconciling client payments for BILL's corporate card, the BILL Divvy Card is the company's first use case.
June 18








