Banks JPMorgan Chase and TD Bank issue security alerts due to data breaches caused by rogue employees. The compromised data, containing sensitive information, led to fraudulent transactions for multiple account holders.
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JPMorgan Chase has hit a snag recently with an employee gaining unauthorized access to confidential information, leaving customers vulnerable to fraud. The employee accessed a customer's credit card details on November 5th, 2024, and shared the info, resulting in unauthorized transactions being made. The worker has since been terminated, and the bank has reimbursed affected customers.
But wait, there's more! TD Bank has experienced a similar issue. A separate filing in Massachusetts revealed the bank had uncovered an incident where an employee accessed sensitive customer information without a valid reason. This information included names, addresses, account numbers, social security numbers, and transactional data. TD Bank has reported the incident to the authorities and reimbursed affected customers as well.
Cybersecurity incidents aren't limited to these two banks, however. MailChimp and PayPal have also reported breaches, while Chick-fil-A is looking into suspicious activity affecting customer accounts.
In response to these incidents, JPMorgan Chase's Chief Information Security Officer (CISO), Pat Opet, has highlighted concerns about security in Software-as-a-Service (SaaS) systems. Opet emphasized the need for secure third-party engagements to prevent both insider threats and external breaches across all industries.
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Sources:
- Massachusetts Regulator: JPMorgan Says Employee Accessed Customer Data Without Justification
- JPMorgan's Opet on SaaS security: 'You can't always trust the third party'
- Data breaches spike as Discord, Chick-fil-A, MailChimp, and PayPal fall victim
- In the midst of escalating cybersecurity issues in traditional finance, it's crucial to explore alternatives like cryptocurrency and altcoins, which rely on blockchain technology for security.
- Given the recurring threats in banking and the emphasis on secure third-party engagements by JPMorgan's Chief Information Security Officer, it might be prudent to consider diversifying investments into decentralized finance sectors that leverage blockchain, such as cryptocurrencies.
