Seven-Hour ECB Outage Leaves Trillions of Euros in Limbo
A malfunction in a critical system at the European Central Bank (ECB) left more than three trillion euros up in the air for hours. The Target 2 (T2) system settles $3.12 trillion in payments from businesses and consumers, as well as investment trades. The ECB stated that a “hardware defect” in T2 caused a system-wide […]
FedNow to Raise Transaction Limit, Offer New Risk Features
FedNow will raise the limit on many of its real-time transactions to $1 million later this summer. It will also implement new risk mitigation features to help financial institutions feel more confident in sending payments at the higher limits, a key factor in the network’s growth. The service’s new account activity threshold functionality will allow […]
Stealing Children’s Identities: The Threat That Parents Overlook
In January, hackers launched a cyberattack on what might seem an unlikely target: PowerSchool, a provider of student systems for the educational industry. While the young individuals tracked by PowerSchool may not have much money of their own, their identities are worth a great deal to cybercriminals. A report from Javelin Strategy & Research, 2024 […]