Zürich authorities investigating HSBC data theft
The Zürich authorities are said to investigating an alleged theft of data by a former employee of HSBC which has placed up to 24,000 Swiss client accounts at risk. The authorities are looking into HSBC's individual security measures and systems to see if they have been followed to the letter and indeed if any changes can be made to ensure no such allegations crop up in the future.
Switzerland has a reputation as one of the more private countries around the world and the revelation that up to 24,000 accounts could have been compromised is not one which the authorities would wish to repeat. Data theft is becoming more of a problem in the worldwide financial marketplace as bank details and personal details can assist fraudsters greatly in their pursuit of ill gotten gains.
It has to be said that Switzerland is not the only country around the world which is experiencing an increase in data theft activity with a number of instances highlighted in the UK over the last 12 months. Whether it is the greater dependence on the Internet or indeed more sophisticated attacks by the fraudsters is open to debate but one thing is for sure, financial losses from ID theft and data theft have increased dramatically of late.
Share this..
Related stories
Is the building society sector slipping away?
Over the last few months the UK banking sector has grabbed the headlines although unfortunately we've also seen a number of casualties in the building society sector. Not only did we see former building society Northern Rock collapse and taken over by the government, we also saw problems at the Dunfermline building society and problems with the West Bromwich building society.
One of...
Financial exclusion hits four million Brits
One in eight Britons is classified as financially excluded, according to latest statistics, meaning that they do not engage with basic financial services.University of St Andrews' researcher Professor John Wilson is calling on banks to disclose information which will help to explain why certain people are reluctant or unable to access banking services.Professor Wilson said: "Financial exclusion no...
Read MoreAre we set to see the end of free banking in the UK?
While the term "free banking" is something of a mystery to many in the UK, there is a suggestion it arose from the UK banking sector itself. In effect there is no such thing as "free banking" because even if you have a savings account with your bank, they will be using your deposits to bolster their own business and increase their ability to loan money. So the demise of "free banking" is something...
Read MoreDunfermline Building Society collapse could cost taxpayers up to £800 million
As the UK government looks to announce a possible buyer for the "healthy parts" of the Dunfermline Building Society it has been revealed that UK taxpayers will be left to take on an £800 million mix of risky commercial property and mortgage securities. While the UK government has been quick to confirm it is unwilling to take on the business as a whole, preferring to sell off the more viable secti...
Read MoreComplaint over Lloyds TSB cash exchange charge
A Merseyside teacher has criticised Lloyds TSB for what he sees as its excessive handling fees.Arthur Williams used a branch of the bank in West Kirby, in order to convert two £20 notes and a £10 into a new £50.This note was then to be used as a Christmas gift for his 15-year-old niece.However, the bank informed him that there would be a handling fee of £5 for the conversion - which the teache...
Read More