Cyber attacks

Alphv developers claimed responsibility for an attack that started last week against the payments and digital banking software maker. The ransomware is more sophisticated than many of its peers.

On Thursday, a ransomware group published data apparently stolen from Tri Counties Bank, which suffered an outage to its ATM network last month.

Derivatives markets were hobbled for several days by hackers using malware from LockBit, who said ION paid the ransom.

The top U.S. derivatives watchdog wants new cybersecurity rules as a recent attack on the software company ION Trading U.K. continues to roil the industry.

While most distributed denial-of-service attacks against U.S. banks and credit unions result in little to no disruption, they can chip away at reputations if left unchecked.

Banks worried about similar attacks against their own customers can use multifactor authentication and suspicious login detection to reduce risk.

The plaintiffs allege that the banks did not catch obvious red flags or implement proper safeguards such as requiring two employees to approve each transaction.

Hacks of banks, credit unions and insurance companies compromised the data of millions of consumers, who filed a flurry of class actions in response.

Banking companies are increasingly using application programming interfaces that transfer customer information to third-party money-management apps popular with consumers. But fraudsters are exploiting vulnerabilities in the technology to steal information.

The increases may simply reflect better detection and reporting, but banks continue to facilitate large ransom payments to sanctioned individuals.