The massive cyberattack on this nation’s largest back appears to have been orchestrated by Russian hackers and it was much broader and bolder than initially reported, with nine other financial institutions hit by the same crew, according to media reports.
These new numbers are much higher than previously thought, and makes JPMorgan Chase the biggest corporate hack that’s been discovered and revealed.
Apple has recruited the biggest financial players, including JPMorgan Chase and Capital One, which have let their customers and potential customers know in recent days of their affiliation with the new payments system available next month on the newest iPhones.
There is no indication yet from Chase that personal financial information was stolen, but it’s troubling that, once again, consumers are the last to know about large-scale hacks that could affect their lives.
Some of the blame belongs to forgetful consumers who don’t keep track of the rewards points they’ve been earning. But the study also found that limitations set on redemption and the way points can be earned prevent cardholders from realizing the full potential of rewards programs.
“You may close your account before the date we provided,” the letter from Chase read “Your account agreement says that either of us may close your account at any time, without notice and without reason.”
The biggest U.S. bank by assets and the biggest issuer of credit cards is JPMorgan Chase, which has now gone on the record as calling bitcoin “vastly inferior” to fiat currency, such as the U.S. dollar. Such statements will likely embolden the bitcoin community.
What was really surprising was Dimon’s apparent lack of thorough knowledge about the bitcoin network and offshoot altcoins, one of the Internet’s biggest peer-to-peer phenomena which has no signs of slowing.
The new policy requires customers who want to make a cash deposit to show a driver’s license or other identification, and they also must actually be listed on the account.
Mortgage origination and application volumes have been declining over the last six months in the wake of higher long-term interest rates. Mortgage rates have risen more than 100 basis points off their lows in May.