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NEWS: U.S. Banking System Open to Cyber Threats

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posted on Aug, 15 2004 @ 12:58 PM
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The Federal Reserve, which moves approximately $1.7 trillion a day, will begin moving the nations money supply with a new system called FedLine Advantage. The internet based system could be open to cyber threats and if that happens could collapse America's financial system causing chaos.
 



nypost.com
August 15, 2004 -- With little fanfare, the Federal Reserve will begin transferring the nation's money supply over an Internet-based system this month — a move critics say could open the U.S.'s banking system to cyber threats.

The Fed moves about $1.8 trillion a day on a closed, stand-alone computer network. But soon it will switch to a system called FedLine Advantage, a Web-based technology.

Please visit the link provided for the complete story.



The Federal Reserve states that the agency is taking every precaution to ensure the safety of the nations finances. They state that 13 year old hacking the system and sending themselves money isn't a concern, however acts of terrorism against the reserve is.

Officials state that this massive overhaul of the system is a necessity and that although they can't release the specifics of the precautions they are taking, they believe that America's finances are safe. Ron Gula, president of Tenable Network Security and a specialist in government cyber security, states that no system is 100% safe.


[edit on 8-15-2004 by Valhall]




posted on Aug, 15 2004 @ 01:01 PM
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Oh now really, this is just asking for trouble.

Fear Bill Gates!!!



posted on Aug, 15 2004 @ 11:12 PM
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maybe this is a way to run a huge banking scam, then blame it on the internet.

Alan Greenspan "Oops, where did that 3 trillion dollars slip away to?", "darn hackers"
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posted on Aug, 16 2004 @ 12:28 AM
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They will probably have experienced personnel monitoring it. The chance of a hacker throwing a trojan in there and then slipping in a worm, is risky. Compare it: millions of dollars worth of equipment compared to a $2000 computer running winXP pro hooked up to a dsl line.



posted on Aug, 16 2004 @ 01:03 AM
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I don't mean a hacker doing it, I mean the Central Bank doing it and blaming it on a hacker.
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