Doubts Over UK’s “Fintech” in Age of Cyber War…”Banks “ageing tech systems” ill-equipped to deal with cyber-terrorism, cyber-war”

Tuesday, June 23, 2015
By Paul Martin

By: GoldCore
Tuesday, 23 June 2015

– Doubts over City of London’s “fintech” in age of cyber war
– Thousands left in “financial limbo” after tech “error”
– 600,000 RBS customer payments go “missing” in “system failure”
– Glitch comes after bank was fined £56 million in November for 2012 tech fiasco
– Failure is “the latest of many in the industry” – Treasury Committee
– Banks “ageing tech systems” ill-equipped to deal with cyber-terrorism, cyber-war
– Gold coins, bars held outside tech dependent banking system not vulnerable to cyber-attacks

Banks’ “archaic technology systems” are unable to cope with the demands of modern online banking according to the Financial Times. The claim was made over the weekend in an FT article discussing the latest fintech glitch suffered by Royal Bank of Scotland last Tuesday in which payments of 600,000 customers “went missing.”

It would follow that these same “archaic” systems would not stand up very well in the face of a concerted cyber-attack from hostile terrorists or indeed nation-states.

The latest fintech failure affected RBS customers and customers of ITS , Coutts and Ulster Bank in Ireland.

Customers were left without cash for three days after a computer “glitch” led to 600,000 payments – including wage packets, benefits and tax credits – going “missing.”

The UK regulator, the Prudential Regulation Authority (PRA) has said it will review this latest issue when the affected customers have been dealt with. In November RBS was hit with a £56 million fine after the June 2012 fiasco which left 6 million customers inconvenienced for weeks, many of whom could not access funds.

The Rest…HERE

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