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Tag: banks

Sloppy old code leaves banks at risk to hackers

Sloppy old code leaves banks at risk to hackers

Technology
Old and sloppily written code is exposing businesses to hackers, new research has warned, with the financial sector at the highest risk.After reviewing more than 278 million lines of code in 1,388 applications worldwide, researchers have found 1.3 million weaknesses which could allow hackers to take advantage of corporate systems.Research by software company CAST found that financial services institutions had the worst code, according to a benchmark called the Common Weakness Enumeration (CWE).CWE is a repository of known security weaknesses hackers could take advantage of and covers software architecture as well as the code itself.Software in the financial sector has the most coding mistakes and non-secure coding practices for every thousand lines of code in its applications - its CWE den...
Maurice Harris: Washington Redskins promote WR, DL Brandon Banks

Maurice Harris: Washington Redskins promote WR, DL Brandon Banks

Sports
Nov. 11 (UPI) -- The Washington Redskins have promoted practice squad defensive lineman Brandon Banks and wide receiver Maurice Harris to the active roster.Washington announced the moves on Saturday. The Redskins also placed defensive lineman Arthur Jones on the reserve/injured list and waived guard Tyler Catalina.Harris turned 25-years-old on Saturday. The 6 foot 3, 200 pound pass catcher had eight catches for 66 yards in 10 games last season for the Redskins.Banks and Harris have been on the practice squad since the beginning of the 2017 season. Jones signed with the Redskins on Nov. 1. He is dealing with a dislocated shoulder, which he suffered in the Redskins' 17-14 victory Sunday against the Seattle Seahawks at CenturyLink Field. Catalina started in Week 8 at right guard for the Redsk...
Old private Southern banks like Federal, Lakshmi Vilas Bank set for better times

Old private Southern banks like Federal, Lakshmi Vilas Bank set for better times

Finance
The South-based mid-sized private sector lenders are poised to see accelerated earnings growth going ahead as their asset quality ratios have peaked out and loan growth is likely to revive after remaining muted over the past couple of years, said a report today.Also, the niche positioning in their respective home markets will help banks like Federal Bank, Lakshmi Vilas Bank (LVB), South Indian Bank, City Union Bank and Karur Vysya Bank to grow faster, said the report by ICICI Securities."We prefer banks with superior earnings growth, sustainable NIMs, stable asset quality, granular loan mix and adequate capital. We expect these five banks to witness a loan CAGR of 11-22 per cent and earnings CAGR of 12-25 per cent over the next two years," it said.The brokerage says these banks' expertise ...
India going digital, paper clearing at banks falls

India going digital, paper clearing at banks falls

Finance
The Reserve Bank of India data shows the value of paper-clearing transactions fell a fifth from Rs 100 lakh crore in 201213 to Rs 80.9 lakh crore at the end of 2016-17. In the same period, the volume of such transactions fell to 120.6 crore from 131.3 crore. Between 2016 and 2017, the volume of cheque transactions fell by over 11 crore. Paper clearing transactions, which accounted for 82 per cent value of total retail payments in 2011-12, shrunk to 37 per cent in 2016-17. "Paper-clearing transactions have gone down because other modes like NEFT, RTGS, IMPS have climbed up significantly ," said Mrityunjay Mahapatra, DMD, State Bank of India. Paper clearing consists of cheque truncation system, MICR (Magnetic Ink Character Recognition) clearing and nonMICR clearing. The RBI data shows t...
Banks shower offers on retail borrowers as corporate demand plummets

Banks shower offers on retail borrowers as corporate demand plummets

Finance
MUMBAI: Monsoon may have gone, but it is raining offers from banks for retail borrowers. The record low corporate demand is forcing banks to dole out offers this festive season to attract home to automobile to iPhone buyers. From EMI waivers to home loan cash backs, interest rate cuts and waiver of processing fees, banks are trying every trick in the book to pump up retail growth. Retail loan growth stood at 15 per cent year on year in July against 18.8 per cent a year earlier, according to data from the Reserve Bank of India (RBI). Within that, housing loan growth also slowed to 10.5 per cent from 17.2 per cent. State Bank of India (SBI), Bank of Baroda (BoB) and Andhra Bank have lowered their base rate just a week ahead of RBI monetary policy announcement, extending benefits to their...