WASHINGTON – Federal authorities are tracing a new virus, traced to Russia, that has stolen PIN and identifying information and other personal data from thousands of credit union and bank accounts. The malware, a Trojan named Gozi, embeds itself in personal computer files after a user has visited vulnerable websites, then downloads the users personal information on a server located in St. Petersburg, Russia, according to Don Jackson, a researcher for SecureWorks, who discovered the virus. The information is then being sold over the Internet to individuals to access accounts and other purposes, Jackson told The Credit Union Journal yesterday. So far, more than 10,000 accounts at over 30 financial institutions, including as many as two dozen credit unions, have been compromised by the Trojan. “These are real conservative estimates,” he said. SecureWorks has notified law enforcement agencies and is working with them shut down the operation. The subscription service selling the stolen data was disabled on March 12, however, the server hosting the data is still receiving stolen information. Account and login information from more than 300 companies and organizations was stolen through the infected home PCs.
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The central bank extended the deadline for comments on Regulation O by one month, to Nov. 4.
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The Brazil-based digital bank, which recently launched a U.S. business, submitted an SEC filing to stop the spread of misinformation.
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The bank-owned payments company has been developing an interoperable payments network that will allow banks to clear and settle tokenized deposit transactions. It's targeting an early 2027 launch for the network, and is working toward an atomic future thanks to bank demand.
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More states are providing funding to community development financial institutions, which are contending with hostility from the Trump administration and challenges from high interest rates.
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Chicago-based Northern Trust has started its search for a new CFO as David Fox plans to retire in March; the American Fintech Council has been appointed as an observer on the Conference of State Bank Supervisors' newly formed nonbank industry advisory; Wells Fargo has hired JPMorganChase investment banker David Harkin to advise on technology deals, and more in this week's banking news roundup.
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A proposal is meant to ensure advisors can trade client assets on a discretionary basis without triggering onerous custody requirements, while also giving them a self-custody option for crypto.
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