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  • JPMorgan Chase Cyberattack Big In Volume, But Not Sensitive Data, According To Bank

    JPMorgan Chase Cyberattack Big In Volume, But Not Sensitive Data, According To Bank

    JPMorgan Chase, the largest banking institution in the U.S., revealed that 76 million household accounts and 7 million small business accounts were compromised in a recent cyberattack – an attack that was previously disclosed, but was much larger than first thought.

    Attackers obtained names, addresses, phone numbers, and email addresses, but not the really sensitive data like account numbers, passwords, user IDs, dates of birth, or social security numbers, according to the bank. In fact, the bank is actually telling people they don’t see any reason for customers to have to worry about changing their passwords.

    Chase tells customers in a message:

    We want to update you further on the cyber attack against our company. After extensive review, here is what our forensic investigation has found to date:

    Here’s what you should know:

    – There is no evidence that your account numbers, passwords, user IDs, date of birth or Social Security number were compromised during this attack.

    – However, your contact information – name, address, phone number, and email address – was compromised.

    Your money at JPMorgan Chase is safe:

    – Unlike recent attacks on retailers, we have seen no unusual fraud activity related to this incident.

    – Importantly ,you are not liable for any unauthorized transaction on your account that you promptly alert us to.

    We are very sorry that this happened and for any uncertainty this may cause you. We don’t believe that you need to change your password or account information. Scroll down for answers to questions you might have. As always, we recommend you use care with your accounts and information, as we describe in our Security Center

    We’re here to help

    Attacks like these are frustrating. There are always lessons to be learned, and we will learn from this one and use that knowledge to make our defenses even stronger.

    The New York Times reports:

    The hackers appeared to have obtained a list of the applications and programs that run on JPMorgan’s computers — a road map of sorts — which they could crosscheck with known vulnerabilities in each program and web application, in search of an entry point back into the bank’s systems, according to several people with knowledge of the results of the bank’s forensics investigation, all of whom spoke on the condition of anonymity.

    The attackers reportedly operated from overseas.

    The bank says customers were affected if they used Chase.com, JPMorganOnline, Chase Mobile or JPMorgan Mobile. It says that due to the fact that no financial or account data was compromised, it’s no necessary to get credit/identity theft monitoring.

    The attack’s access paths have been closed, it says.

    Image via Wikimedia Commons

  • Chase Debit Cards Limits Customers’ Cash

    Chase Debit Cards Limits Customers’ Cash

    With the recent breach of security involving nearly 40 million shoppers at Target being exposed to cyber thieves and malware resulting in the criminals gaining access to credit/debit card information, Chase Bank has limited customer’s spending ability.

    Putting a cap on the amount of money that you can spend at Christmas is a naughty thing to do to customers.

    From Reuters, At least 2 million shoppers who used bank debit cards at Target Corp stores during its recent data breach are facing lower limits on how much cash they can take out of teller machines and spend at stores.

    But isn’t it their money Chase Bank – or JPMorgan?

    JPMorgan Chase & Co said on Saturday it is notifying customers who used Chase brand debit cards at Target from November 27 through December 15 that they are now limited to $100 a day of cash withdrawals and $300 a day of purchases with their cards.

    So, 2 million people who are basically scrambling to buy presents at the last minute, have a limit to what they can buy. And, if their money is all tied up in their Chase accounts – this could be troublesome.

    Granted, Chase states it’s acting in the best interest if their customers, as they put it in a recent statement, it acted as a precaution to prevent criminals from taking money from customer accounts. Chase and other banks say they will cover unauthorized transactions that customers report.

    “Banks are putting various precautions in place,” Target spokeswoman Molly Snyder said by email.

    Chase sent a statement to customers outlining the new limits with the subject line: “Unfortunately, your debit card is at risk by the breach at Target stores.”

    “It seems like the banks are the ‘Grinch who stole Christmas,’” said Jamie Court, president of Consumer Watchdog, a consumer advocacy group based in Los Angeles. “It is Target’s fault, but children across America are going to bear the price … The banks are protecting themselves.”

    Image via Wikimedia Commons

  • Chase Debit Card: Cash and Spending Limits Imposed

    Chase Debit Card: Cash and Spending Limits Imposed

    JPMorgan Chase will impose daily cash and spending limits on about 2 million debit cards due to possible fraud and data theft that occurred when customers used the cards recently at Target stores.

    According to a customer service notice on the Chase website, “Target reported that it experienced a data breach on debit and credit cards that its customers used to make purchases in their stores from November 27th through December 15th.”

    For many customers, the limits couldn’t come at a worse time: the peak of the holiday season when many are making last minute gift purchases.

    Chase informed customers that they could expect to hear from the company directly if their card was at risk. Citing its Zero Liability Protection plan, the company assured card holders: “First and most important, if your card is at risk, don’t worry … you’re not liable for unauthorized transactions you report to us.”

    Customers whose cards are at risk due to the Target breach will see temporary limits on cash and purchases until their cards can be replaced. The cash withdrawal limit is $100 per day and the purchase limit is $300 per day.

    If a customer needs to withdraw more than $100 cash, they’re instructed to “visit a branch. Employees at our 5,600 branches are standing by to help you if you need more cash than $100. With proper identification, you can access your available funds.”

    Taking customer service one step further, Chase announced that many branches will stay open on Sunday, December 22nd to help customers.

    Target issued a statement on its website on Thursday regarding the security breach:

    “We take this matter very seriously and are working with law enforcement to bring those responsible to justice,” said the company’s chairman, president, and CEO Gregg Steinhafel.

    Image via Free Digital Photos

  • Linda Bammann, Michael Neal to Join JPMorgan Board

    On Monday, JPMorgan Chase & Co. released a statement announcing the Board of Directors’ intent to elect Linda B. Bammann and Michael A. Neal on as directors. Jamie Dimon, Chairman and CEO of JPMorgan Chase, stated, “Linda and Mike are proven leaders and will bring outstanding risk, finance and management experience to our Board and to our firm.”

    The move was anticipated since at least last month. JPMorgan Chase is the largest US bank and has faced some recent regulatory scrutiny. Dimon says that the bank has prioritized improving regulatory compliance and internal controls this year.

    In another personnel move, Lee Raymond, a past director, has been named Lead Independent Director. Raymond’s new position is a more powerful one, apparently allowing him to call meetings any time, approve agendas and add to them at will. He is also expected to guide the Board in decisions on CEOs.

    Bammann’s anticipated election is for 16 September when she will also become part of the Board’s Risk Policy Committee. Her previous positions were Deputy Head of Risk Management at JP Morgan Chase and as Chief Risk Management Officer at Bank One Corporation (now a part of JPMorgan Chase) where she served under Dimon. Bammann, who is 57, retired in 2005. Her post-retirement service on other Boards includes Director of The Federal Home Loan Mortgage Corporation (Freddie Mac), member of the Risk Management Association and Chair of the Loan Syndications and Trading Association.

    Neal, 60, will step down from his current position as Vice Chairman of General Electric Company before joining the JPMorgan Chase Board in January 2014. Neal has been a committed GE officer since 1979. His positions there have included President and COO of GE Capital, CEO of GE Commercial Finance and Chairman and CEO of GE Capital starting in 2007.

    [Image via JP Morgan Chase Official Website.]