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India's Tata Group enters ecommerce market with apparel and electronics website
Fri, 27 May 2016 09:02:59 -0400

India's biggest conglomerate Tata Group launched an ecommerce venture on Friday, as it seeks to cash in on rising purchasing power in a market dominated by deep-pocketed international retailers and startups backed by global tech investors. The group said it developed its Tata Cliq website over a year and a half at a cost of "several hundred million dollars" to be a marketplace for inhouse and partner companies to sell apparel and electronics. The move is in line with a second phase in Indian ecommerce development, with the some of the country's oldest and largest corporations entering an industry established in the last five years by startups Snapdeal and Flipkart Online Services Pvt Ltd [IPO-FLPK.N].

Push to expand FBI surveillance authority threatens U.S. email privacy bill
Fri, 27 May 2016 08:25:39 -0400

A lock icon, signifying an encrypted Internet connection, is seen on an Internet Explorer browser in ParisBy Dustin Volz WASHINGTON (Reuters) - An effort in the U.S. Senate to expand the Federal Bureau of Investigation's authority to use a secretive surveillance order has delayed a vote on a popular email privacy bill, casting further doubt on whether the legislation will become law this year. The Senate Judiciary Committee on Thursday postponed consideration of a measure that would require government authorities to obtain a search warrant before asking technology companies, such as Microsoft and Alphabet Inc’s Google , to hand over old emails. A version of the Senate bill unanimously passed the House last month.

Facebook expands ads on third-party apps, websites to beyond users
Fri, 27 May 2016 07:54:33 -0400

A man reads a newspaper at the reception area of Facebook's new office in Mumbai(Reuters) - Facebook Inc said its customers' ads would now be visible on third-party apps and websites to everyone who has ever visited its website, and not just to users logged into its social networking service. In the first quarter, Facebook generated more than 80 percent of its $5.20 billion ad revenue from mobile ads.

Italians need convincing as well as connecting to join digital drive
Fri, 27 May 2016 07:38:47 -0400

A man fills in a Poste Italiane form in this photo illustration taken in RomeBy Agnieszka Flak and Stephen Jewkes MILAN (Reuters) - When Giulia Spada gets a traffic ticket, she pops along to her local post office to pay it. "It's not that straightforward, and it's just easier to go to the post office." Spada's experience epitomizes Italy's struggles with the Internet. Bringing superfast Internet to all Italian homes by 2020 has become one of the pillars of Prime Minister Matteo Renzi's push to galvanize a stagnant economy, create jobs and open businesses to the global market.

SWIFT eyes new technology to spot cyber theft
Fri, 27 May 2016 07:00:15 -0400

A hacker works on his laptop in TaipeiBy Tom Bergin LONDON (Reuters) - The SWIFT secure messaging service, which banks use to transfer money around the world, outlined on Friday areas in which it hopes to improve security, following attacks in which hackers stole millions of dollars from banks in Bangladesh and Ecuador. SWIFT said on Friday it would consult its users, which are also its owners, about new measures, including the potential to develop new tools that could allow it to spot fraudulent payment instructions. Historically, the Society for Worldwide Interbank Financial Telecommunication's (SWIFT) core business has focused on simply passing authenticated messages between banks.

EU member states should stress-test banks' cyber risks: European Banking Authority chairman
Fri, 27 May 2016 06:20:55 -0400

Enria attends a policy dialogue at the Asian Financial Forum in Hong KongBy Matthew Miller BEIJING (Reuters) - Domestic authorities in European Union member states should stress-test their financial institutions for cyber risks, a top E.U. supervisor said, warning banks might be required to hold extra capital as a buffer against what is an emerging threat. Speaking to Reuters in Beijing on Friday, Andrea Enria, chairman of the European Banking Authority (EBA), said cyber security had become an important issue for E.U. member states. "But if you ask me would I recommend competent authorities to think more on this and consider running this type of stress test?

Exclusive: Verizon turns to former Yahoo bankers for bid - sources
Thu, 26 May 2016 20:02:54 -0400

A Yahoo logo is pictured in front of a building in RolleBy Greg Roumeliotis and Liana B. Baker NEW YORK/SAN FRANCISCO (Reuters) - Verizon Communications Inc is working on its bid for Yahoo Inc's core assets with an investment bank which was, as recently as last year, one of the U.S. internet company's top advisers, people familiar with the matter said. Verizon has added former Yahoo adviser Bank of America Corp to its roster of investment banks, as the U.S. telecommunications carrier seeks an edge over other bidders ahead of a June 6 second-round bid deadline in the auction for the core assets, the people said this week.

Vietnam restricted access to Facebook during Obama visit: activists
Thu, 26 May 2016 18:08:46 -0400

U.S. President Barack Obama reacts as he attends a town hall meeting with members of the Young Southeast Asian Leaders Initiative at the GEM Center in Ho Chi Minh City, VietnamBy Yasmeen Abutaleb SAN FRANCISCO (Reuters) - The Vietnamese government restricted access to Facebook Inc inside Vietnam for several days this week as part of a broader crackdown on human rights and political dissidents during a visit by President Barack Obama, two activist organizations said on Thursday. Officials of Access Now, a digital rights organization, and Viet Tan, a Vietnamese pro-democracy group, said the social media site was restricted and at times blocked inside Vietnam from Sunday to Wednesday, citing reports from people inside the country on Twitter and to Access Now's digital security help service. The move coincides with a trend toward restrictions on Facebook in countries including China, Uganda and Turkey during politically sensitive times as the 1.6 billion-person social network grows more powerful.

Microsoft, Facebook to build transatlantic subsea cable
Thu, 26 May 2016 17:39:35 -0400

File photo of a Microsoft logo on an office building in New York(Reuters) - Microsoft Corp and Facebook Inc have agreed to jointly build a subsea cable across the Atlantic Ocean to meet growing demand for high-speed cloud and online services. The construction of the new "MAREA" cable will begin in August and it is expected to be completed in October 2017, the companies said in a statement on Thursday. The 6,600 kilometer cable, the first to connect the United States with southern Europe, will be operated and managed by Telefonica SA's telecoms infrastructure unit Telxius.

Two Twitter senior execs to leave in latest management shuffle
Thu, 26 May 2016 16:04:16 -0400

A 3D-printed logo for Twitter is seen in this picture illustration made in Zenica(Reuters) - Twitter Inc said senior executives Jana Messerschmidt and Nathan Hubbard are planning to leave the company in its latest management shuffle. Messerschmidt, who leads the company's business development program, has spent six years at Twitter while Hubbard has led its commerce and media division for nearly three years. Ali Jafari, who runs the social media company's Amplify video ads business, will now head the units under a unified structure.

Snapchat raises $1.81 billion in new funding round
Thu, 26 May 2016 14:38:06 -0400

Snapchat logo image created with Post-it notes is seen in the windows of Havas Worldwide offices at 200 Hudson street in lower Manhattan, New York during "Post-it note war"Messaging app Snapchat has raised $1.81 billion in funding, the company reported in a U.S. regulatory filing on Thursday, a sign that investor interest is strong despite concerns among some venture capitalists that the platform is struggling to attract advertisers. Venture capital database PitchBook estimated the company's valuation after the financing at $17.81 billion, up from $16 billion at it most recent financing in February. The company, which makes a free mobile app that allows users to send videos, photos and messages that vanish in seconds, did not respond to emailed questions about the financing.

German police investigate Britons' Nazi salute at death camp
Thu, 26 May 2016 10:54:26 -0400

German police have launched an investigation to identify two men believed to be Britons who appeared in an online picture performing a Nazi salute at the former Buchenwald concentration camp, Bild newspaper reported on Thursday. The image was published on Friday on the Twitter page of British neo-Nazi group National Action. A police spokesperson in the eastern city of Weimar told Bild: "We take such actions very seriously." Police could not be reached for comment on Thursday, a holiday in several of Germany's 16 states.

U.S. women get creative in fighting abortion stigma
Thu, 26 May 2016 07:52:39 -0400

Amelia Bonow, co-creator of #ShoutYourAbortion, poses in a photo taken in Seattle, WashingtonFor Amelia Bonow, having an abortion left her relieved that she was not forced to become a mother but, still, she kept her story mostly to herself. Amid a nationwide wave of political vitriol about abortion and the realization that she and her friends had long kept their abortions secret, however, she reached a tipping point and broke her Omerta-like silence. "Hi guys! Like a year ago I had an abortion," she posted on Facebook last fall.

Automakers, tech companies decide to make deals, not war
Thu, 26 May 2016 03:32:30 -0400

File photo of a driver displaying Uber and Lyft ride sharing signs on his car windscreen in Santa MonicaBy Joseph White and Paul Lienert DETROIT (Reuters) - A flurry of deals between big automakers and ride hailing and transportation startups is rewriting the playbook in the contest to control the future of personal transportation. Automakers now recognize they may turn ride-hailing services and car sharing companies into steady customers for all sorts of vehicles, particularly hybrid and electric cars, industry executives and analysts say. Tie-ups with carpooling services or short-term rental companies help automakers expose consumers to brands they might otherwise ignore.

China online lending crackdown shutters Guangdong P2P site
Thu, 26 May 2016 02:04:03 -0400

Chinese 100 yuan banknotes are seen in this picture illustration taken in ShanghaiA large Chinese online lending platform accused of illegal operations has suspended operations, one of hundreds that have been shut this year by the government, as China cleans up a sector ridden with stories of Ponzi schemes. Police in Huizhou, Guangdong province, said on Wednesday night that it had detained 13 executives from Guangdong Huirong Investment Co's peer-to-peer lending platform esudai (www.esudai.com). The detainees included its legal representative and chairman Jian Huixing.

Faced with strict laws, Brazilian women keep abortions secret
Wed, 25 May 2016 21:16:42 -0400

By Sophie Davies RIO DE JANEIRO (Thomson Reuters Foundation) - Years after giving into family pressure and having an illegal abortion, one Brazilian woman says she is haunted by the secret procedure so taboo that hardly anyone will talk about it. The woman, who only wants to be identified as F.D., went to a clinic hidden away in the southern state of Paraná for an abortion when she was a student. Roughly one million women each year seek abortions to end unwanted pregnancies in Brazil, where abortion is illegal except in cases of rape or incest or if the life of the mother is in danger.

Exclusive: Bangladesh probes 2013 hack for links to central bank heist
Wed, 25 May 2016 16:27:31 -0400

bangladeshBy Krishna N. Das and Ruma Paul DHAKA (Reuters) - Bangladesh police are reviewing a nearly forgotten 2013 cyber heist at the nation’s largest commercial bank for connections to February's $81 million heist at the country's central bank, a senior law enforcement official said on Wednesday. The unsolved theft of $250,000 at Sonali Bank involved fraudulent transfer requests sent over the SWIFT international payments network. It is not widely known outside of Bangladesh, and in fact was treated as a cold case until Bangladesh police revived the investigation after thieves in February also used the SWIFT network to steal $81 million from Bangladesh Bank.

Chocolate bar wrappers ignite German row over racism
Wed, 25 May 2016 13:11:20 -0400

The image of German soccer player Jerome Boateng is printed on a Ferrero chocolate bar box in BerlinBy Michael Nienaber BERLIN (Reuters) - Online debate raged in Germany on Wednesday after supporters of anti-Islam group Pegida criticized a confectioner's decision to print images of non-white soccer players on its chocolate bars instead of the usual picture of a blond-haired, blue-eyed boy. Italian confectionery group Ferrero has temporarily changed the pictures on its 'Kinder Schokolade' (Children Chocolate) in Germany to celebrate the European Soccer Championship, which kicks off on June 10 in France. The new packaging shows childhood pictures of players such as Jerome Boateng, son of a Ghanaian immigrant, and Ilkay Gundogan, whose parents were born in Turkey.

Cringin': British youth unimpressed with pro-EU campaign video
Wed, 25 May 2016 10:54:51 -0400

British Union flags fly in front of the Big Ben clocktower of The Houses of Parliament in central LondonBy Estelle Shirbon LONDON (Reuters) - A campaign video urging young Britons to "make sure you're #VOTIN" to stay in the European Union in a June 23 referendum backfired on Wednesday, with some young people denouncing it as patronizing. Produced by the official "In" campaign, the new video aims to motivate young people to turn out on referendum day.

EU seeks to make it easier to buy online from other countries
Wed, 25 May 2016 10:48:20 -0400

An eBay sign is seen at an office building in San Jose, CaliforniaBy Julia Fioretti BRUSSELS (Reuters) - Online retailers would be banned from stopping a customer in one EU country buying from a website based in another, under a proposal issued on Wednesday to make it easier for consumers to shop across the bloc. The European Commission said its law would stop "geoblocking" where companies limit access to their websites based on user location, often forcing customers to use versions based in their own country, sometimes with higher prices. "In the online world, all too often consumers are blocked from accessing offers in other countries," the Commission said in a statement.

Twitter drops photos, videos from 140-character limit
Wed, 25 May 2016 08:34:23 -0400

A man reads tweets on his phone in front of a displayed Twitter logo in Bordeaux, southwestern FranceTwitter said the change, part of its efforts to simplify its microblogging service, will happen in the next few months. "A few simple changes to make conversations on Twitter easier! And no more removing characters for images or videos!" Chief Executive Jack Dorsey said in a 115-character tweet. Twitter's stock touched a record low at $13.72 on Tuesday, while investor sentiment around Twitter stock plunged on social media, according to Reuters data.

EU unveils plans to boost e-commerce, overhaul broadcasting rules
Wed, 25 May 2016 07:52:02 -0400

BRUSSELS (Reuters) - The European Commission unveiled on Wednesday proposals aimed at making it easier for the 500 million consumers in the European Union to make online cross-border purchases, as part of a strategy to boost e-commerce in the 28-country bloc. The recommendations also require online video streaming services such as Netflix and Amazon to bear some of the production cost of European works either by directly investing in them or by paying into national funds. The proposals need approval from the 28 EU countries and European Parliament before they can become law.. ...

With social media, 'we could have saved more lives'
Wed, 25 May 2016 05:52:38 -0400

Members of Sri Lankan military rescue team work at the site of a landslide at Elangipitiya village in AranayakaBy Amantha Perera ARANAYAKE, Sri Lanka (Thomson Reuters Foundation) - For the first 48 hours after a huge landslide wiped out his hometown of Aranayake and buried 220 families, Prabath Wedage was on his mobile phone constantly. "I have not been off the phone for five minutes," said Wedage, who has been trying to coordinate consignments of relief supplies for 1,700 displaced people in 13 emergency shelters, including Rajagiri School, where he normally works. In this devastated community – as in many disaster-hit places – the ubiquitous mobile phone and its social media apps are becoming a vital tool for relief and rescue workers, officials and families to share and gather information and keep in touch.

Telstra says $1.6 billion Autohome stake sale is being challenged by minority shareholders
Wed, 25 May 2016 05:35:18 -0400

A man and power lines are reflected in a Telstra poster adorning a public telephone in Sydney, AustraliaAustralia's Telstra Corp Ltd on Wednesday said its $1.6 billion sale of a controlling stake in Chinese website operator Autohome Inc to Ping An Insurance Group Co of China Ltd is being challenged by minority shareholders. The telecommunications firm said it intends to contest a petition some minority shareholders filed in the Cayman Islands. It did not identify the shareholders or elaborate on their objections.

Hacker who exposed Hillary Clinton's email server expected to plead guilty
Tue, 24 May 2016 15:03:47 -0400

Lehel, alleged hacker "Guccifer", is escorted by masked policemen in Bucharest, after being arrested in AradA Romanian computer hacker who revealed the existence of a private email server used by Hillary Clinton when she was secretary of state is expected to plead guilty to hacking-related offenses, a U.S. law enforcement official said on Tuesday. Accused hacker Marcel Lazar, who used the alias "Guccifer," is scheduled to enter a guilty plea at a hearing early on Wednesday before Judge James Cacheris in U.S. District Court, Alexandria, Virginia, said the official. The official and another person familiar with the Guccifer investigation, who asked not to be named ahead of the proceedings, said Lazar's plea would not validate claims he has made in recent media interviews about successfully hacking the email server Clinton installed at her home in Chappaqua, New York.

New York inmate photo makes it to Facebook, despite cellphone ban
Tue, 24 May 2016 14:46:48 -0400

A corrections officers walks through the Enhanced Supervision Housing Unit at the Rikers Island Correctional facility in New YorkThe New York City Department of Corrections said on Tuesday it was investigating what appears to be a photo of inmates from Rikers Island jail taken with a cellphone, a device banned in city jails. It was not clear how the group of male inmates was allowed to pose, who snapped the photo, or how it was uploaded to Facebook as reported by the New York Post on Monday. It was the latest in a string of problems, from a spike in violence to a crackdown on corrections officers running contraband networks, facing the department run by Commissioner Joseph Ponte since 2014.

Saudi Arabia's rulers adapt message for social media age
Tue, 24 May 2016 11:12:28 -0400

Saudi men explore social media on their mobile devices as they sit at a cafe in RiyadhBy Sylvia Westall and Angus McDowall DUBAI/RIYADH (Reuters) - The participation of tens of thousands of young Saudis in a social media debate over plans to reform the kingdom's oil-reliant economy last month marked a shift in how Riyadh's conservative rulers interact with their subjects. Saudi Arabia's dynastic leaders, who rule by fiat and strictly limit public dissent, have historically courted public opinion only via informal councils with tribal, religious and business leaders or citizens seeking to petition them. "It's a new focus for the government as it reaches out to a young Saudi population that is more likely to use social media," Saudi analyst and commentator Mohammed Alyahya said.

Japan an alluring target for Standard Bank ATM thieves
Tue, 24 May 2016 08:36:11 -0400

People stand outside 7-Eleven convenience store outside headquarters of Seven & I Holdings in TokyoThe gang used counterfeit Standard Bank credit cards to withdraw 1.4 billion yen ($13 million) in 14,000 transactions from ATMs at 7-Eleven convenience stores over three hours on a Sunday morning, according to a source familiar with the matter.

Up against strict laws, Texas women learn do-it-yourself abortions
Tue, 24 May 2016 07:10:20 -0400

Susanna was young, single, broke and pregnant in southern Texas where, thanks to the state's strict laws, her chances of getting a surgical abortion at a clinic were slim to none. With the help of a friend, some online instructions and quick dash across the Mexican border for some pills, she addressed the issue of unwanted pregnancy in a state where women are finding abortion services too expensive and too far away. Restrictive laws took hold in Texas in 2013, forcing so many clinic closings that fewer than 20 remain to serve 5.4 million women of reproductive age.

SWIFT to unveil new security plan after hackers' heists
Tue, 24 May 2016 06:47:22 -0400

Photo illustration of the SWIFT logoBy Huw Jones and Tom Bergin LONDON (Reuters) - The SWIFT secure messaging service that underpins international banking said on Tuesday it plans to launch a new security program as it fights to rebuild its reputation in the wake of the Bangladesh Bank heist. The Society for Worldwide Interbank Financial Telecommunication (SWIFT)'s chief executive, Gottfried Leibbrandt, told a financial services conference in Brussels that SWIFT will launch a five-point plan later this week. In February, thieves hacked into the SWIFT system of the Bangladesh central bank, sending messages to the Federal Reserve Bank of New York allowing them to steal $81 million.

Temasek sees no sharp rebound in global startup valuations
Tue, 24 May 2016 05:23:54 -0400

Temasek Holdings logo is seen at their office in SingaporeFunding for global tech startups should return,even if valuations don't rebound to their 2015 levels as investors press for less inflated values, a senior executive at Singapore state investor Temasek [TEM.UL] said. Lured by a potential market for app-based, on-demand and logistics-heavy businesses, venture capitalists and others have thrown billions of dollars to startups that often need only cash and a working app to enter the fray. "We have seen that slowdown because valuations are adjusting in Silicon Valley, they have adjusted in China, in India.

Facebook changes policies on 'Trending Topics' after criticism
Tue, 24 May 2016 01:17:34 -0400

A Facebook logo is pictured on an Apple's Ipad in Bordeaux, southwestern FranceBy Yasmeen Abutaleb SAN FRANCISCO (Reuters) - Facebook Inc said on Monday that it had changed some of the procedures for its "Trending Topics" section after a news report alleging it suppressed conservative news prompted a U.S. Congressional demand for more transparency. The company said an internal probe showed no evidence of political bias in the selection of news stories for Trending Topics, a feature that is separate from the main "news feed" where most Facebook users get their news. Earlier this month, a former Facebook contractor had accused the company's editors of deliberately suppressing conservative news.

Facebook says no evidence of political bias found on 'Trending Topics'
Mon, 23 May 2016 18:57:24 -0400

A Facebook logo is pictured on an Apple's Ipad in Bordeaux, southwestern France(Reuters) - Facebook Inc said on Monday that an investigation into its editorial practices had found no evidence of political bias in the selection or prominence of stories shown on its Trending Topics feature. The company also said the investigation revealed that conservative and liberal topics were approved as trending topics at "virtually identical rates" and it was unable to substantiate any allegations of politically-motivated suppression of particular subjects or sources. (http://bit.ly/1Tvv3Nm) (Reporting by Sangameswaran S in Bengaluru; Editing by Mary Milliken)

Hackers probe defenses of Middle East banks : FireEye
Mon, 23 May 2016 06:27:21 -0400

A magnifying glass is held in front of a computer screen in this picture illustration taken in BerlinHackers are probing the defenses of banks in the Middle East, targeting employees with infected emails which gather information about the banks' network and user accounts, FireEye researchers said.  FireEye, a U.S. cyber security company investigating the February attack on Bangladesh's central bank in which hackers stole $81 million, said there was no apparent connection with the heist or related attacks on banks in Ecuador and Vietnam. A FireEye spokesman said Qatar National Bank was not one of the "several banks" in the Middle East where researchers had found the malware.

Microsoft to crack down on content promoting extremist acts
Fri, 20 May 2016 21:04:08 -0400

A Microsoft logo is seen at a pop-up site for the new Windows 10 operating system at Roosevelt Field in Garden CityBy Sarah McBride SAN FRANCISCO (Reuters) - With the world growing more concerned about attacks by militant groups on civilians, Microsoft Corp on Friday outlined new policies to crack down what it called "terrorist content" on some of its consumer services. In a blog post, the company said it would ban what it called "terrorist content" on some services such as gaming tool Xbox Live, the consumer version of its Outlook email service, and its consumer documents-sharing service. "We will consider terrorist content to be material posted by or in support of organizations included on the Consolidated United Nations Security Council Sanctions List that depicts graphic violence, encourages violent action, endorses a terrorist organization or its acts, or encourages people to join such groups," the blog post said.

Gun used to kill Trayvon Martin sold for $250,000: TV reports
Fri, 20 May 2016 20:50:42 -0400

Handout photo of the handgun that was used in the shooting death of Trayvon MartinZimmerman could not be reached to verify the reports by KTNV in Las Vegas and WOFL in Orlando. Zimmerman was acquitted of second-degree murder and manslaughter charges in the shooting, which sparked heated debates over race relations, gun control and justice in the United States. In a statement on Twitter after the bidding closed on Wednesday, United Gun Group defended its decision to host the auction and said it would have no further comments.

SWIFT tells banks to share information on hacks
Fri, 20 May 2016 19:26:31 -0400

Photo illustration of the SWIFT logoBy Tom Bergin LONDON (Reuters) - International financial messaging service SWIFT told clients on Friday to share information on attacks on the system to help prevent hacking, after criminals used SWIFT messages to steal $81 million from the Bangladesh central bank. Earlier on Friday, Reuters reported that Wells Fargo, Ecuador's Banco del Austro (BDA) and Citibank, whose managing director, Franchise Risk & Strategy, Yawar Shah, is SWIFT's chairman, did not inform SWIFT of an attack last year in which more than $12 million was stolen from BDA. The network is considered the backbone of international finance but faith in its security has been rocked by the theft from Bank Bangladesh's account at the Federal Reserve Bank of New York.

Macedonian extradited to face U.S. charges on selling card data
Fri, 20 May 2016 18:23:22 -0400

By Nate Raymond NEW YORK (Reuters) - A Macedonian citizen was extradited to the United States on Friday to face charges related to his operation of a website called Codeshop that authorities say was responsible for selling the data of thousands of credit cards from around the world. Djevair Ametovski, 29, was arrested in Slovenia in 2014 and was extradited from there to face charges including aggravated identity theft and wire fraud conspiracy contained in a criminal complaint filed in federal court in Brooklyn, New York. Ametovski, who authorities say was known online as "codeshop," "sindrom" and "sindromx," is expected to appear in court on Saturday, prosecutors said.

Cyber thieves exploit banks' faith in SWIFT transfer network
Fri, 20 May 2016 15:11:38 -0400

Photo illustration of the SWIFT logoBy Tom Bergin and Nathan Layne LONDON/CHICAGO (Reuters) - Shortly after 7 p.m. on January 12, 2015, a message from a secure computer terminal at Banco del Austro (BDA) in Ecuador instructed San Francisco-based Wells Fargo to transfer money to bank accounts in Hong Kong. Over 10 days, Wells approved a total of at least 12 transfers of BDA funds requested over the secure SWIFT system. The SWIFT network - which allows banks to process billions of dollars in transfers each day - is considered the backbone of international banking.

Factbox: How do bank payments work in the euro zone?
Fri, 20 May 2016 13:53:52 -0400

Cyber attacks on banks from Bangladesh to Ecuador are raising questions about the security of the global payment system and one of its key components, the SWIFT messaging network. Following is a basic explanation of how bank payments work in the euro zone: WHAT HAPPENS WHEN I MAKE A PAYMENT? Most bank payments in the euro zone are settled via the Target 2 payment system, owned and managed by the European Central bank and the national central banks (NCBs) of euro zone countries.

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