I can't believe how constantly there are news stories about corruption and bad practices so deep that banks have to hand over hundreds of millions of dollars. To say nothing of crashing the world economies and requiring bailouts from taxpayers across the globe not just to stay in business but to limit the damage their immoral and unethical consequences of their practices
. All the while the executives continue to act just as kleptocrates surrounding tinpot dictators - as everyone else is horrified by both groups behavior each dips into the treasury they have access to and takes all they can. And consumers suffer due to the failure to adopt sensible security practices in the USA for credit cards that the rest of the world has adopted.
What is the disclosure today of pointy haired boss banking behavior?
95% of ATMs rely on Windows 95
which is a poor security risk to begin with and Microsoft ends support for it on April 8th, 2014. How do we even allow these executives to remain in positions of authority (in businesses where security is so important)? And we go beyond that and allow these people to lavish cash upon themselves out of the funds held by the bank
security experts have chastised the financial industry for putting ATMs on a PC operating system in the first place. They argue ATMs should be using software that is scaled down and less buggy, such as Linux.
No kidding, plus Linux versions are much more secure from the ground up.
Ironically, bank customers have less to worry about from those nondescript ATMs found in malls, bars and tiny convenience stores. Those 208,000 independently-run kiosks, built by Triton, Genmega and Nautilus Hyosung, make up the other half of the nation's ATMs. And nearly all of them run on an even older, simpler operating system called Windows CE -- which Microsoft still supports.
Jeez I don't know what to say about this. It is better I guess, but hardly any good, but maybe it is less horrible (I am not really sure).
Dealing with criminals attacking credit cards, ATMs, banking web sites and banking apps is a challenging business. The governments are not doing consumers any favors by lavishing funds on spying when those funds would be much better directed to stopping financial crimes (of this sort - and also the sort engaged in by banking executives - from which those continuing avalanche of fines for hundreds of millions of dollars stem). But since governments are choosing to spy while neglecting crime prevention it is even more important for banks to make credit card, ATM and online security a priority. Instead they are making a priority buying special favors from governments of straight welfare and subsidizing/allowing risk taking (and subsidizing any failed risk taking with taxpayer funds) to give lavish gifts to executives so they can build castles and the like. It is quite a sad system.
Related: CEOs Plundering Corporate Coffers for Personal Gain
- Losses Covered Up to Protect Bonuses
- Obscene CEO Pay
- The Best Way to Rob a Bank is as An Executive at One
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