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JPMorgan Hack – 76 Million Accounts Compromised

Nov 2, 2014 // Jonathan Lee

JP Morgan Chase Co, America’s largest bank, was hacked by cybercriminals; among the information leaked included personal contact information of individuals and small businesses. Luckily, the bank reports that bank account information was not leaked, but the very fact that one of America’s most powerful institutions was hacked has caused much uneasiness within the organization and among its customers. The source of the attack is unclear, although hackers in Russia and Eastern Europe have been among the FBI’s recent suspects. In response, JP Morgan announced in a letter that it would budget $250 million annually for security.

So what about the hacked customers? JP Morgan spokeswoman Trish Wexler advises that customers regularly check their bank accounts for suspicious activity. Customers should also be wary of spear phishing tactics, in which hackers trick customers into providing critical account information. Another helpful security precaution is to consider a security freeze, which prevents another user from trying to open a new account in a consumer’s name.

In many ways, the hacking acted as a reality check to both the bank and its customers, reminding us that anyone can be hacked. Going forth, we can expect greater security precautions from the bank, and bank users should develop regular habits to help keep financial security in check.