Bank hacks in Vietnam and Bangladesh have sparked concerns within global banks... Renovation spending set to boom through 2016...
Global lenders on edge as cyber attacks embroil more banks
(Bloomberg) --Bank hacks in Vietnam and Bangladesh have sparked concerns within global banks, some of which are privately pressing the Swift interbank network to shore up security at its 11,000 members.
The pressure on Swift comes as new details emerge from the most recently disclosed bank hack. An examination of the malware used in an attack late last year on Vietnam’s Tien Phong Commercial Joint Stock Bank shows that unique Swift codes identifying at least seven additional financial institutions were embedded in the hackers’ work, according to a private report by BAE Systems Plc.
The list includes major banks in Asia and at least one in Europe, including what two people familiar with the list said were banks where the Vietnamese lender had correspondent accounts. The malware wasn’t used to attack those banks, said one person familiar with the situation. Rather, it deleted money-transfer confirmations sent between the Vietnamese bank and its partners that could have alerted bank officials of improper transactions, the person said.
Such revelations -- coming on top of Swift’s warning last week of a “wider and highly adaptive campaign targeting banks” -- show that intruders’ efforts went beyond looking solely at small banks in developing nations. They have raised alarms inside global lenders, said people familiar with several banks in the U.S. and Europe.
Renovation spending set to boom through 2016
Alterations and additions spending is expected to account for more than a third of total spending on residential property investment in 2016.
In the first of Commonwealth Bank’s Future Home Insights Series, Michael Workman, senior economist, said over the longer term, a number of economic, cultural and demographic trends are emerging that may significantly influence the Australian housing market.
“Commonwealth Bank has identified the major trends shaping Australia’s housing market by 2030 to assist home buyers understand how the property market is evolving over time,” he said.
One of these trends, according to the series, is that home renovation spending is predicted to top $32 billion in 2016 alone, or around 36% of total spending on residential investment.
CommBank general manager of broker sales, Sam Boer, said the growing popularity of renovations could see investors presented with new opportunities as the increase the equity in their properties, but he recommends people seek guidance to help them make the most of any opportunity.
“Mortgage brokers or lenders can help customers access the additional equity in their home to renovate, subdivide or invest,” Boer said.
“There are a number of ways a customer can access equity in their home loan, such as topping up their existing variable rate loan or applying for a line of credit which they can access and use for renovations when they like.”
(Bloomberg) --Bank hacks in Vietnam and Bangladesh have sparked concerns within global banks, some of which are privately pressing the Swift interbank network to shore up security at its 11,000 members.
The pressure on Swift comes as new details emerge from the most recently disclosed bank hack. An examination of the malware used in an attack late last year on Vietnam’s Tien Phong Commercial Joint Stock Bank shows that unique Swift codes identifying at least seven additional financial institutions were embedded in the hackers’ work, according to a private report by BAE Systems Plc.
The list includes major banks in Asia and at least one in Europe, including what two people familiar with the list said were banks where the Vietnamese lender had correspondent accounts. The malware wasn’t used to attack those banks, said one person familiar with the situation. Rather, it deleted money-transfer confirmations sent between the Vietnamese bank and its partners that could have alerted bank officials of improper transactions, the person said.
Such revelations -- coming on top of Swift’s warning last week of a “wider and highly adaptive campaign targeting banks” -- show that intruders’ efforts went beyond looking solely at small banks in developing nations. They have raised alarms inside global lenders, said people familiar with several banks in the U.S. and Europe.
Renovation spending set to boom through 2016
Alterations and additions spending is expected to account for more than a third of total spending on residential property investment in 2016.
In the first of Commonwealth Bank’s Future Home Insights Series, Michael Workman, senior economist, said over the longer term, a number of economic, cultural and demographic trends are emerging that may significantly influence the Australian housing market.
“Commonwealth Bank has identified the major trends shaping Australia’s housing market by 2030 to assist home buyers understand how the property market is evolving over time,” he said.
One of these trends, according to the series, is that home renovation spending is predicted to top $32 billion in 2016 alone, or around 36% of total spending on residential investment.
CommBank general manager of broker sales, Sam Boer, said the growing popularity of renovations could see investors presented with new opportunities as the increase the equity in their properties, but he recommends people seek guidance to help them make the most of any opportunity.
“Mortgage brokers or lenders can help customers access the additional equity in their home to renovate, subdivide or invest,” Boer said.
“There are a number of ways a customer can access equity in their home loan, such as topping up their existing variable rate loan or applying for a line of credit which they can access and use for renovations when they like.”
