The Business Times

When private bank statements aren't private

Leak of StanChart customers' data highlights need for firms to relook their security infrastructure and policies

Published Fri, Dec 6, 2013 · 10:00 PM
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IF YOU have US$2 million in spare change knocking about in a bank account, there's a chance that a man you've never met knows exactly where you live and what you did with your money in February. Now, as banks reel from a breach in the defences of one of their own, some questions stand out like the balance of a sorely overdrawn account.

Yesterday, Standard Chartered Bank revealed that the February statements of 647 of its private bank customers were found on the laptop of alleged Messiah hacker James Raj Arokiasamy, currently charged with defacing the Ang Mo Kio Town Council website.

These statements contained customers' account numbers, balances and transaction details - every pair of Manolos bought, every ill-timed investment in the Australian dollar - taken from the server of Fuji Xerox Singapore, which prints these statements. To be a pri…

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