Banking

3:45am

Fri May 10, 2013
Business

Cyber Criminals Drain $45 Million From ATMs Around The World

Originally published on Mon May 13, 2013 11:13 am

Transcript

DAVID GREENE, HOST:

All right, prosecutors are calling it the biggest bank heist in New York City since the 1970s. They say a gang of cybercriminals drained $45 million from ATMs around the world.

Here's NPR's Joel Rose.

JOEL ROSE, BYLINE: United States Attorney Loretta Lynch says the eight men charged in New York were able to withdraw $2.8 million in cash in just one day, in February.

LORETTA LYNCH: This was a 21st century bank heist. But instead of guns and masks, this cybercrime organization used laptops and malware.

Read more

1:17am

Fri May 10, 2013
All Tech Considered

Peers Find Less Pressure Borrowing From Each Other

Originally published on Fri May 10, 2013 6:10 am

iStockphoto.com

The Internet has managed to disrupt many industries, from publishing to music. So why not lending?

Google is teaming up with the nation's largest peer-to-peer lender. The search and tech giant is investing $125 million in Lending Club, which gets borrowers and lenders together outside the conventional banking system. Google's move and the actions of other big players reflect a growing interest in peer-to-peer lending.

Read more

1:12am

Fri May 10, 2013
Planet Money

Why (Almost) No One In Myanmar Wanted My Money

Originally published on Fri May 10, 2013 5:50 pm

Lam Thuy Vo / NPR

When you arrive in Myanmar, you can see how eager the people are to do business. At the airport in Yangon, new signs in English welcome tourists. A guy in a booth offers to rent me a local cellphone — and he's glad to take U.S. dollars. But when I pull out my money, he shakes his head.

"I'm sorry," he says.

He points to the crease mark in the middle of the $20 bill. No creases allowed.

Read more

12:28pm

Thu May 9, 2013
The Two-Way

Feds Charge Alleged New York Cell In International Cyber Heist

Originally published on Thu May 9, 2013 3:39 pm

Cybercriminals allegedly hacked into databases for prepaid debit cards and used the compromised data to steal from ATMs around the world.
Damien Meyer AFP/Getty Images

Eight people in New York have been charged as part of what prosecutors say was a global ring of cybercriminals who stole $45 million by hacking into prepaid credit card accounts and then using the data to get cash from thousands of ATMs around the world.

U.S. Attorney for the Eastern District of New York Loretta Lynch described the alleged scheme as "a massive 21st century bank heist that reached across the Internet and stretched around the globe. In the place of guns and masks, this cybercrime organization used laptops and the Internet."

Read more

4:05pm

Thu April 25, 2013
Business

Regulators Warn Banks On Direct-Deposit Loans

Originally published on Thu April 25, 2013 6:16 pm

Regulators are warning some of the nation's largest banks to stop offering loans that are hard to distinguish from those given out by storefront payday lenders.
CX Matiash AP

Consumer advocates call them "debt" traps. The banks that offer them call them direct-deposit advances and describe them as available funds for short-term emergencies.

But the cash advances have many of the negative characteristics of payday loans. And on Thursday, U.S. bank regulators took a step toward protecting consumers from the risks they pose. The regulators proposed standards for "deposit-advance products."

Read more
Tags: 

Pages