17 December 2017
visit www.aciworldwide.com

Banks face legal challenge to disclose phished account details

26 August 2009  |  5103 views  |  0 biometric  eye

In a move that could see banks forced to hand over greater information on data breaches, a US anti-spam outfit has filed a lawsuit against unnamed "John Does" accused of using malware to steal money from business bank accounts.

Unspam Technologies, which uses volunteers and software to track down information about spammers, has filed the complaint against "John Does stealing money from US businesses through unauthorized electronic transfers made possible by computer viruses transmitted in spam".

Unspam's lawyer, Jon Praed, told the New York Times that it is often difficult to track perpetrators of these crimes because banks are reluctant to disclose details on thefts, the names of victims and other information

Banks often argue that they do not want to betray customer confidentiality or give away techniques used to perpetrate or fight fraud.

Praed hopes the lawsuit will help convince, or even force, banks to hand over information.

He admits this is unlikely to to help expose the unnamed "John Does" in the suit but thinks the sharing of information could help banks and businesses better protect themselves.

A Lawsuit Tries to Get at Hackers Through the Banks They Attack - NY Times

Comments: (0)

Comment on this story (membership required)

Finextra news in your inbox

For Finextra's free daily newsletter, breaking news flashes and weekly jobs board: sign up now

Related blogs

Create a blog about this story (membership required)
visit www.aciworldwide.comvisit www.response.ncr.comvisit www.atos.net

Top topics

Most viewed Most shared
satelliteRipple completes XRP Lockup
10584 views comments | 3 tweets | 2 linkedin
PSD2: Laying the regulatory foundation for a new age in paymentsPSD2: Laying the regulatory foundation for...
10174 views comments | 18 tweets | 36 linkedin
Banks tap Ethereum smart contracts for MiFID II complianceBanks tap Ethereum smart contracts for MiF...
7343 views comments | 9 tweets | 10 linkedin
Banks and fintech startups join forces on blockchain-based supply chain pilotBanks and fintech startups join forces on...
7270 views comments | 19 tweets | 22 linkedin
hands typing furiouslyReshaping Customer Engagement & Da...
6678 views 0 | 4 tweets | 2 linkedin

Featured job

Competitive
New York, NY - USA (some flexibility on location)

Find your next job