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Greg MacSweeney
Greg MacSweeney
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The Top 9 Most Costly Financial Services Data Breaches

The recent data breach involving MasterCard and VISA card information is only the latest in a string of hacks and thefts that have cost financial institutions multimillions of dollars. Here are the biggest most recent data breaches.
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Chase Bank

Type: Card Skimming
Cost: $200,000


A man in California, Daniel Axinte, was charged with using a skimming device to take more than $200,000 from customer accounts, according to news reports. He was arraigned on 45 counts of identity theft, grant theft, burglary, making fake ID cards and causing losses that exceeded $200,000. He was caught when bank investigators discovered that someone was installing an ATM skimming device on the door of the bank's ATM lobby every Saturday after closing. The device was then removed by the thief early on Mondays. This happened for at least six consecutive weeks. Hidden cameras were also used to record customer pins at the ATMs. Agents were able to arrest the man as he returned to retrieve the skimming device.

Information Source:
U-T San Diego
Privacyrights.org

 

Greg MacSweeney is editorial director of InformationWeek Financial Services, whose brands include Wall Street & Technology, Bank Systems & Technology, Advanced Trading, and Insurance & Technology. View Full Bio

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