JPMorgan Chase, Other Big Banks Fall Prey to Hackers

Photo (cc) by theglobalpanorama

JPMorgan Chase and at least four other U.S. banks are the latest victims of hack attacks.

According to CNN Money, the FBI is investigating the attacks. The hackers reportedly used cutting-edge malware to forge deep into the banks’ computer systems, giving them the power to delete and manipulate records.

“The hackers infiltrated the networks of the banks, siphoning off gigabytes of data, including checking and savings account information, in what security experts described as a sophisticated cyberattack,” The New York Times said.

JPMorgan Chase, the only bank named so far by investigators, said it hasn’t detected any unusual activity or an increase in fraud as a result of the hack attack. USA Today reported:

JPMorgan suggests that customers contact the bank if they detect any suspicious activity on their accounts. All of the bank’s cards have full liability protection for consumers against fraud. “As we learn more, we will contact anyone we determine may have been impacted by this,” bank spokesman Michael Fusco said.

While cyberattacks involving retailers and personal computers are nothing new, it’s more unusual that hackers target big banks because of their sophisticated firewall and security systems, Bloomberg said.

There is some concern that the latest bank hack is politically motivated. CNN Money said:

Hackers from Russia and eastern Europe are often top FBI suspects in cyberattacks. The timing has raised suspicions given the mounting tensions between Russia and the West over Ukraine and economic sanctions.

If you’re concerned that your data could be stolen as a result of this, or a future, hack attack, you can take steps to protect yourself. Bloomberg recommends establishing a second level of authentication – like a text message that you have to respond to – before you’re able to access your bank account.

In other cybercrime news, the U.S. Department of Homeland Security is urging U.S. businesses to check for point of sale malware infections. More than 1,000 retailers could be infected with malicious software known as Backoff, the department said.

“One particular family of malware, which was detected in October 2013 and was not recognized by antivirus software solutions until August 2014, has likely infected many victims who are unaware that they have been compromised,” the statement said. Click here for more information.

Has your information ever been compromised as part of a cyberattack? Share your experiences below or on our Facebook page.

Disclosure: The information you read here is always objective. However, we sometimes receive compensation when you click links within our stories.

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