HSBC data breach revealed

A former IT staffer at HSBC Holdings' Swiss private-banking arm stole data on 24 000 accounts, including around 15 000 current clients, the bank said last week, states Market Watch.

The theft took place three years ago, but the full scale of the problem didn't become clear to the company until earlier this month when Swiss authorities passed data files back to the bank, HSBC said in a statement.

The company said the stolen information involves 15 000 existing clients. But a spokesman later confirmed another 9 000 accounts that have since been closed were compromised. A person familiar with the matter said the staffer may also have tried to sell the data to a bank in Lebanon.

Over the course of last year, losses incurred due to fraudulent activity fell 28% to stand at £440.3 million (R4.9 billion), the UK Cards Association reports, according to Which4U.

Marking the first time such criminal activity has fallen since 2006, the drop was partially attributed to fraud detection efforts by banks and retailers and the ongoing use of chip and pin technology.

However, a rise in phishing and malware has seen losses from online banking rise 14% from 2008 to £59.7 million (R667 million), while phone banking fraud losses accounted for £12.1 million (R135 million).

The UK Department for International Development (DFID) has committed £8 million (R89.4 million) to a technology programme run by microfinance group CGAP designed to increase access to financial services for the poor, reports Finextra.

CGAP, which is based at the World Bank, promotes the use of ICT, especially mobile phones, for financial services in the developing world.

The group's technology programme aims to help policymakers develop regulations that support effective use of mobile technologies for financial inclusion.