Banking, finance, and taxes

U.S. Banks Hit with Biggest Cyberattacks Ever

Security experts say the recent “denial of service” cyberattacks on big U.S. banks were the largest ever recorded by a wide margin. Since Sept. 19, the banking websites of Bank of America Corp. (NYSE: BAC), J.P. Morgan Chase & Co. (NYSE: JPM), Wells Fargo & Co. (NYSE: WFC), U.S. Bancorp. (NYSE: USB) and PNC Financial Services Group Inc. (NYSE: PNC) have all suffered day-long slowdowns and been at times unreachable for many customers.

It is not unusual for banks to get hit by cyberattackers and they have some of the best defenses against them. But this time the volume of traffic sent to these sites in order make then crash was unprecedented — 10 to 20 times the volume that normally seen.

Senator Joe Lieberman said in a C-SPAN interview on Wednesday that he believed the attacks were launched by Iran in response to the increasingly strong economic sanctions that the United States and its allies have put on Iranian financial institutions.

Denial of service attacks do not involve any actual hacking. No data was stolen from the banks, and their transactional systems — like their ATM networks — were unaffected. The aim of the attacks was simply to temporarily disrupt the banks’ public-facing websites. Experts warn that more such attacks may still be coming.

The Average American Is Losing Their Savings Every Day (Sponsor)

If you’re like many Americans and keep your money ‘safe’ in a checking or savings account, think again. The average yield on a savings account is a paltry .4% today, and inflation is much higher. Checking accounts are even worse.

Every day you don’t move to a high-yield savings account that beats inflation, you lose more and more value.

But there is good news. To win qualified customers, some accounts are paying 9-10x this national average. That’s an incredible way to keep your money safe, and get paid at the same time. Our top pick for high yield savings accounts includes other one time cash bonuses, and is FDIC insured.

Click here to see how much more you could be earning on your savings today. It takes just a few minutes and your money could be working for you.

 

Thank you for reading! Have some feedback for us?
Contact the 24/7 Wall St. editorial team.