Weekly Wrap looks at ransomware attacks on financial institutions

In this Weekly Wrap episode of “The Buzz” podcast, the Bank Automation News team looks at a new type of ransomware attack on a U.S. bank, along with an FBI warning cautioning consumers on quick response (QR) code payments.  

White Rabbit, a new family of ransomware, attacked a U.S. bank in December 2021. While details are lacking, the attack could have a connection to Fin8, a group of financially motivated cybercriminals which previously attacked the retail, hospitality and entertainment industries. The attack appears to be in the testing phase, according to cybersecurity firm Trend Micro.  

On the consumer side, the FBI released a warning in January on fraud threats in QR code payments. Fraudsters either manipulate existing QR codes or create new ones, tricking consumers into providing sensitive financial information through fraudulent payment terminals. Risks include malware, passcode and information theft, and consumers are warned to take heightened precautions.  

Listen in for a discussion of these topics, along with TD Bank Group’s Azure-leveraged partnership with software company Databricks, in today’s Weekly Wrap episode with BAN Deputy Editor Loraine Lawson and Associate Editor Alijah Poindexter.