Rising threat of cyber attacks

A group of top US regulators yesterday warned about the threat of rising cyber-attacks on bank websites and cash machines, urging the industry to put proper measures in place to guard against fraud. The Federal Financial Institutions Examination Council said it had seen a rise of so-called denial-of-service attacks on bank websites, which were sometimes a cover for criminals committing fraud. The group yesterday described one recent case in which criminals stole $40m (£24m) from just 12 accounts – far exceeding the actual balance held by clients– in a sophisticated scheme known as an “Unlimited Operations” fraud.