Tag: banks

In search of riches, hackers plant 4G-enabled Raspberry Pi in bank network

Hackers planted a Raspberry Pi equipped with a 4G modem in the network of an unnamed bank in an attempt to siphon money out of the financial institution’s ATM system, researchers reported Wednesday.

The researchers with security firm Group-IB said the “unprecedented tactic allowed the attackers to bypass perimeter defenses entirely.” The hackers combined the physical intrusion with remote access malware that used another novel technique to conceal itself, even from sophisticated forensic tools. The technique, known as a Linux bind mount, is used in IT administration but had never been seen used by threat actors. The trick allowed the malware to operate similarly to a rootkit, which uses advanced techniques to hide itself from the operating system it runs on.

End goal: Backdooring the ATM switching network

The Raspberry Pi was connected to the same network switch used by the bank’s ATM system, a position that effectively put it inside the bank’s internal network. The goal was to compromise the ATM switching server and use that control to manipulate the bank’s hardware security module, a tamper-resistant physical device used to store secrets such as credentials and digital signatures and run encryption and decryption functions.

The group behind the attack is tracked in the industry under the name UNC2891. The financially motivated threat group has been active since at least 2017 in targeting the infrastructures of banks. It has earned a well-deserved reputation for proficiency in its use of custom malware in attacks targeting Linux, Unix, and Oracle Solaris systems.

In 2022, Google’s Mandiant division said it had observed UNC2891 spending years inside a targeted network, during which time the intrusion went largely unnoticed. Mandiant researchers went on to identify CakeTap, a custom rootkit for Solaris systems. Among other things, CakeTap manipulated messages passing through an infected ATM switching network, most likely for use in unauthorized cash withdrawals using fraudulent bank cards. Mandiant documented two other custom pieces of malware, which the company named SlapStick and TinyShell.

Group-IB’s report on Wednesday shows that UNC2891 is still active and finding new and advanced ways to burrow into bank networks without detection.

“One of the most unusual elements of this case was the attacker’s use of physical access to install a Raspberry Pi device,” Group-IB Senior Digital Forensics and Incident Response Specialist Nam Le Phuong wrote. “This device was connected directly to the same network switch as the ATM, effectively placing it inside the bank’s internal network. The Raspberry Pi was equipped with a 4G modem, allowing remote access over mobile data.”

To maintain persistence, UNC2891 also compromised a mail server because it had constant Internet connectivity. The Raspberry Pi and the mail server backdoor would then communicate by using the bank’s monitoring server as an intermediary. The monitoring server was chosen because it had access to almost every server within the data center.

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Royal Bank of Canada closes Freedom Convoy lawyer’s accounts over ‘risk concerns’

The Royal Bank of Canada is shutting down a Freedom Convoy lawyer’s accounts over “risk concerns.”

In a July 23 post on X, Freedom Convoy layer Eva Chipiuk revealed that the Royal Bank of Canada (RBC) terminated its banking relationship with her, citing “risk-related concerns” due to “recent activity” being outside their “client risk appetite.”

“As a federally regulated financial institution, RBC is required by law to comply with applicable legislation,” the letter, posted on X, read. “These laws require that we implement certain processes and procedures which directly support the formulation of RBC’s positions with respect to risk.”

“After careful consideration, we regretfully advise you that the recent activity in your accounts is outside of RBC’s client risk appetite, and consequently we are no longer in a position to continue our banking relationship with you,” it continued.

The decision followed a flagged Bitcoin transaction, after which RBC froze her account and asked her questions about her crypto activities, which she described to the Western Standard as “strange and demeaning.”

The bank gave her until August 18, 2025, to find a new financial institution, cryptically referencing compliance with federal regulations but providing no specific law or detailed explanation.

Chipiuk, who has been vocal about her criticism of Canadian institutions, suggested the debanking might be linked to her involvement in the Freedom Convoy or her public stance.

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Steam Purges Games Under Pressure from Visa and Mastercard’s Unseen Censorship

Somewhere between your mouse click and a purchase, a private boardroom full of executives quietly decided what you’re allowed to see, support, or sell. They don’t run your favorite website. They’re not elected lawmakers. But if Visa or Mastercard doesn’t like the look of a transaction, that transaction ceases to exist. That piece of content, that creator, that platform: gone.

There are a lot of complaints in tech circles about who’s getting deplatformed by YouTube this week. Meanwhile, the most consequential censorship in the digital economy has nothing to do with social media and everything to do with whether a little plastic rectangle will greenlight your purchase. And there’s no appeals process. No trial. Just a silent ax falling from a credit card duopoly that nobody elected and nobody seems able to challenge.

Take the recent purge of over 50 adult-themed games from Steam, the dominant digital PC game store. No new law had passed. It was a threat from Visa and Mastercard, quietly relayed like an old-school mafia warning. Valve, Steam’s parent company, made it clear: “We were recently notified that certain games on Steam may violate the rules and standards set forth by our payment processors and their related card networks and banks.”

In other words: “We’d like to keep making money.”

Valve didn’t wake up with a sudden newfound sense of moral hygiene. It was the payment processors. They pulled the fire alarm, and Steam complied like any rational hostage trying to keep the electricity on.

That’s what happens when the pipes of global commerce are guarded by a pair of unaccountable financial institutions that somehow got into the censorship business without anyone noticing.

Visa and Mastercard are no longer just companies. They’re gatekeepers of moral acceptability.

One day your art is fine, the next it’s too spicy for the algorithms; or worse, for the boardroom optics team. And if they decide your platform has crossed some invisible line? That’s it. No explanation required. No appeals offered. The economic oxygen gets cut off and there’s no recourse.

It’s one thing to be beholden to government regulations. It’s another when your business is held hostage by a pair of logos with an embossed hologram.

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Bank Branches are the Latest Creative Destruction Casualty

Over 8,000 bank branches are expected to close worldwide in 2025. Approximately 3,200 of those closures will take place in the United States. Q1 experienced 148 net branch closures in the US, with all major banks slated to close branches throughout the year.

These are merely bank closures and not bank failures, although two smaller US banks did fail this year. People simply prefer online banking as we have made the switch from relational to transactional banking.

Bankrate conducted a survey that found 77% of Americans prefer online digital banking, yet other surveys believe the figure is closer to 89%. Digital banking has been rising in popularity in recent years, up from 203 million domestic users in 2022 to the 216.8 million projected users in 2025. The survey found that 34% of consumers use online banking on a daily basis, consistently checking their account and transactions. There has even been a 19% increase in use among the 65+ crowd who is least likely to use digital services.

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Her Biggest Scandal Yet! Iran and China Are Circumventing Sanctions via Notorious Bank and Letitia James Is Implicated

The Standard Chartered Bank sanctions evasion case, now in court in the US Second Circuit, found at least $9.6 billion of illegal payments by the bank to Iranian and Hezbollah entities.

The case implicates NYAG Letitia James and the Federal Reserve for ignoring billions of these illicit payments and ignoring Treasury sanctions designations. Maximum Pressure is not being enforced because of the failures of the Fed and the NYAG.

Make sure this case continues.

** Call the Southern District of New York …. Office number: 212-637-2200

At least $9.6 billion of specifically identified illicit payments were made by SCB from its NYC branch to OFAC and known terrorist names. The $9.6 billion was found in internal trade reports turned over by bank whistleblowers and represents the first batch from SCB Dubai office that cleared through SCB NYC. There are estimated over $100 billion more of illegal payments that are more recent and from SCB China where it has 53 mainland branches that facilitate dollar trade payments for oil and war-making materials.

These payments were hidden by SCB from required disclosure in its ongoing Deferred Prosecution Agreement now under the jurisdiction of DCUSA Pirro and SDNY Clayton where both were briefed on SCB after their appointments. There are career blockers at each jurisdiction.

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Wells Fargo Suspends Travel to China After Communist Regime Blocks Top Banker from Leaving

Wells Fargo suspended travel for all of its employees to China on Thursday after the Chinese government slapped an exit ban on banker Chenyue Mao.

Mao is an American citizen who was born in Shanghai. She is a managing director for Wells Fargo, working from an office in Atlanta. According to the bank, her duties include helping international companies manage their working capital in different countries.

Mao specializes in “factoring,” the practice of selling accounts receivable to third parties. The seller gets cash immediately, while the buyer or “factor” proceeds to collect on the invoices they purchased at a discount. Companies that do business overseas often find factoring preferable to running debt collections operations in foreign countries.

In June, Mao was elected as chairwoman of FCI, a global industry organization for international accounts receivable. FCI was called Factors Chain International when it was established in 1968, and factoring remains one of its primary interests, but it has diversified into other aspects of finance and debt collection across national borders.

When it announced Mao’s election as chair of its executive committee, FCI noted she had over 21 years of experience with factoring and has worked at Wells Fargo for over a decade. During that time, she was credited with growing “annual import-factoring flows to 2.6 billion euros (over $3 billion in U.S. dollars) while fostering innovation in open-account solutions.”

FCI said her goals as chairwoman included recruiting more banks to the organization and “expanding import-factoring know-how within the network.”

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US Regulators Allow Banks Custody Over Bitcoin And Crypto

The Federal Reserve, OCC, and FDIC warn banks that safekeeping bitcoin and other crypto-assets demands strong cybersecurity, operational expertise, and full legal compliance.

Federal banking regulators issued a joint statement today emphasizing that banks involved in bitcoin and crypto-assets-related custody and other activities by following existing laws and maintaining strong risk controls. The statement, issued by the Federal Reserve, OCC, and FDIC, clarifies that it does not introduce new rules but reminds banks of their obligations when handling bitcoin and other crypto on behalf of customers.

“Banking organizations may provide safekeeping for crypto-assets in a fiduciary or a nonfiduciary capacity,” the document stated. “Banking organizations that provide crypto-asset safekeeping in a fiduciary capacity must comply with 12 CFR 9 or 150, as applicable, state laws and regulations, and any other applicable legal provisions, such as the instrument that created the fiduciary relationship.”

The agencies emphasize that safekeeping bitcoin and other crypto-assets, mainly through control of customers’ cryptographic keys, requires strong cybersecurity, operational expertise, and full legal compliance. Banks offering these services must be prepared to protect against risks such as key loss, cyberattacks, and unauthorized asset transfers.

They also note that bitcoin and other crypto safekeeping may demand specialized staff, secure infrastructure, and constant monitoring of evolving technologies. Regulatory requirements like anti-money laundering (AML), countering the financing of terrorism (CFT), and OFAC sanctions still apply. 

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The Shadowy Past of the Secret Bank That Controls the World

Few people—even diligent media followers—are likely to speak knowledgably about the Bank of International Settlements (BIS). Yet, hidden in plain sight in a 20-story tower (with four more stories below ground level) in Basel, the BIS influences the leaders of the world’s top central banks and controls the global economy. Moreover, it cannot be questioned or held accountable for any of its actions. In his 2013 book Tower of Basel, Adam LeBor, a former reporter for The Economist and author of thoroughly researched works such as Hitler’s Secret Bankers, The Last Days of Budapest, and City of Oranges, analyzes the bank’s history to explain how it gained unlimited power.

He also exposes its complete amorality. Thomas McKittrick, the bank’s chief during the war, whom the author calls “Hitler’s American Banker,” kept passing critical information to the Nazi regime. The BIS financed the Holocaust by accepting gold stolen by the Nazis from Belgium and marking it as German, even though a Belgian central banker warned that the gold had probably been melted down and re-stamped with German markings.

Austrian and Czech gold was also accepted as German deposits and kept out of reach. It was common knowledge that, besides gold from the governments of occupied nations, the Nazis were depositing gold stolen by the Devisenschutzkommando (DSK), Hitler’s special squads of treasure-hunting torturers. But that did not matter to the BIS. Kapital über alles, as LeBor titles the first part of the book.

Hunger for profit and disregard for ethics—these seem to be ingrained in the very DNA of the BIS. As recently as 1991, when the Argentinian economy collapsed and the country was $81 billion in debt, the BIS accepted—and thus kept out of creditors’ reach—money that should have rightfully been returned to them. Besides two fund management firms, the creditors were mostly pensioners who had invested in Argentinian bonds. The firms have sued the BIS and brought some attention to its highhandedness.

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Huawei To Stand Trial In US On Charges Of Bank Fraud, Sanctions Violations, Theft

Chinese company Huawei Technologies will stand trial on multiple charges after a federal judge denied its bid to dismiss a long-running case against it.

On July 1, District Judge Ann Donnelly of the U.S. District Court for the Eastern District of New York ruled that there was sufficient evidence to proceed with a 16-count indictment against Huawei and its subsidiaries.

Huawei, which is closely tied to the Chinese communist regime, stands accused of racketeering, stealing trade secrets from six U.S. companies, and committing bank fraud.

With Donnelly’s ruling, the case will move forward toward trial. Currently, the proceedings are scheduled to begin on May 4, 2026.

Huawei stands charged with using a Hong Kong-based front company, Skycom, to conduct business in Iran in violation of U.S. sanctions and with misleading banks in order to facilitate more than $100 million in illegal money transfers.

Additionally, the indictment alleges that Huawei engaged in racketeering to expand its global brand.

Representatives of Huawei did not respond to a request for comment from The Epoch Times by publication time.

In November 2024, Huawei pleaded not guilty and called itself “a prosecutorial target in search of a crime.”

The upcoming trial is expected to last several months and could have significant implications for the ongoing tensions between the United States and China over technology, trade, and national security.

As part of the long-running federal investigation into Huawei’s business dealings, Huawei’s chief financial officer, Meng Wanzhou, also the daughter of the company’s founder, Ren Zhengfei, was previously charged and detained in Canada for nearly three years before the charges against her were dismissed in 2022 as part of a deferred prosecution agreement.

Huawei, based in Shenzhen, China, operates in more than 170 countries and employs approximately 208,000 people worldwide. The U.S. government has imposed restrictions on Huawei’s access to U.S. technology since 2019, citing national security concerns; Huawei has denied those accusations.

Along with manufacturing smartphones and consumer technolog

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“This Is The Next Level”: AI-Powered “Digital Workers” Deployed At Major Bank To Work Alongside Humans

If you’re working in banking, your next colleague could be a bot. Once unthinkable, the Bank of New York Mellon announced that it has deployed dozens of artificial intelligence-powered “digital employees” that operate with human employees, and even have their own company login credentials.

The Wall Street Journal reports:

Similar to human employees, these digital workers have direct managers they report to and work autonomously in areas like coding and payment instruction validation, said Chief Information Officer Leigh-Ann Russell. Soon they’ll have access to their own email accounts and may even be able to communicate with colleagues in other ways like through Microsoft Teams, she said.

What the bank, also known as BNY, calls “digital workers,” other banks may refer to as “AI agents.” And while the industry lacks a clear consensus on exact terminology, it’s clear that the technology has a growing presence in financial services.

“This is the next level,” Russell told the Journal. “I’m sure in six months’ time it will become very, very prevalent.”

BNY said its AI Hub developed two digital employee personas in three months, according to Adrienne Russell. One persona is engineered to identify and resolve coding vulnerabilities, while the other verifies payment instructions. Each persona can operate in multiple instances—up to several dozen—with each instance confined to a specific team to limit company wide data access.

Soon, the bank plans to integrate its digital workforce with email addresses and Microsoft Teams access in the near future, enabling these AI personas to proactively communicate with human managers, but will maintain its focus on recruiting top human talent while simultaneously expanding its digital workforce, according to the Journal.

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