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sojusucks
Joined: 31 May 2008
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 Posted: Wed Apr 13, 2011 1:53 pm Post subject: NH Bank having major electronic problems |
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If you have an account at this bank you should check to make sure your account is accurate and up-to-date.
http://joongangdaily.joins.com/article/view.asp?aid=2934794
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A customer waits at a NH Bank lounge in downtown Seoul yesterday. Nonghyup suffered a huge setback on Tuesday after its electronics system crashed. All financial transactions for Nonghyup�s 30 million customers, including Internet banking, came to a halt for 20 hours. The system recovered briefly during the day but Nonghyup is still in search of the primary reason for the sudden breakdown. The event happened not long after the recent hacking of Hyundai Capital clients� personal information, which raised anxiety about security in the financial industry. [YONHAP]
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http://joongangdaily.joins.com/article/view.asp?aid=2934791
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Following the hacking incident at Hyundai Capital, the National Agricultural Cooperative Federation, or Nonghyup, saw all of its banking transactions suddenly come to a halt after its electronics system crashed on Tuesday.
Although similar disturbances have occurred at other financial institutions in the past, none of the other institutions has failed to get their systems back up and running for two consecutive days.
As a result of the crash, Internet banking, phone banking and ATM transactions and all on-site deposit- and-withdrawal services were suspended until Wednesday morning. Fortunately, some services were partially revived on Wednesday afternoon but Nonghyup still doesn�t know what caused the system malfunction, though it did say the glitch was not caused by hacking.
But the electronic disorder that Nonghyup says originated from an IBM transmission server at a computing center in southern Seoul must certainly have inflicted a myriad of inconveniences on its customers, not to mention financial losses for some.
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ThingsComeAround
Joined: 07 Nov 2008
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| Posted: Wed Apr 13, 2011 4:57 pm Post subject: |
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I'm wondering if this is necessarily a security issue or a Windows issue? 
Last night I went over certificate stuff with my gf trying to "create" and "re-attach" banking certificates. When my computer crashed by visiting a KOREAN bank website, I logged into two Us banks in under 3 min. She pretended she didn't notice 
I like the quote at the end of the second link:
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The Financial Supervisory Service has announced it will soon launch a special inspection of the computing systems of Hyundai Capital and Nonghyup. As the saying goes, however, there is no use in crying over spilled milk. |
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yfb
Joined: 29 Jan 2009
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| Posted: Wed Apr 13, 2011 6:23 pm Post subject: |
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Absolutely ridiculous. I have a sneaking suspicion's Nonghyup's IT infrastructure is held together with the digital equivalent of Scotch tape and Elmer's glue. If this was a major bank in the United States you can bet heads would roll over this.
There's an interesting study done at Oxford University slamming Internet banking over here. In short: it's less secure, it's incompatible, and it inconveniences users with certificate nonsense (which provides a major chunk of change to AhnLab et. al)
http://www.comlab.ox.ac.uk/files/2916/RR-10-01.pdf |
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sojusucks
Joined: 31 May 2008
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| Posted: Thu Apr 14, 2011 12:42 am Post subject: |
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| I heard from someone today who's actually been unable to take out money at an ATM. Time to change banks. |
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TellyRules986
Joined: 09 Nov 2009
Location: Korea
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| Posted: Thu Apr 14, 2011 1:26 am Post subject: |
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| I can't make withdraws either. And my card gets declined when I try to buy something. Looks like I'll be switching banks soon. This is just ridiculous. I'm relying on the US bank account for now. Thank god I have it. |
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schwa
Joined: 18 Jan 2003
Location: Yap
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| Posted: Thu Apr 14, 2011 1:26 am Post subject: |
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| Personal experience: I couldnt withdraw funds for a couple days, did so today without problem at a Family Mart atm, balance read as normal. |
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shostahoosier
Joined: 14 Apr 2009
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| Posted: Thu Apr 14, 2011 3:21 am Post subject: |
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| I just tried my NH card and it didn't work. I'm so glad I have a second bank account here. |
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sojusucks
Joined: 31 May 2008
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| Posted: Thu Apr 14, 2011 1:15 pm Post subject: |
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Three days and still there are problems.
http://joongangdaily.joins.com/article/view.asp?aid=2934884
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Internet banking and ATM services were back in operation yesterday morning, while credit-card cash withdrawals and check card services were expected to be restored by last night.
However, there have been complaints from Nonghyup customers that the system is not fully operational. Industry experts say it would likely take some time before the entire system returns to normal.
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Slowmotion
Joined: 15 Aug 2009
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| Posted: Thu Apr 14, 2011 5:25 pm Post subject: |
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I really hope it's windows xp or IE 6 related somehow (doubtful) that way they could just abandon those for good  |
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Burndog
Joined: 17 Feb 2008
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| Posted: Thu Apr 14, 2011 11:32 pm Post subject: |
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| ThingsComeAround wrote: |
I'm wondering if this is necessarily a security issue or a Windows issue?
Last night I went over certificate stuff with my gf trying to "create" and "re-attach" banking certificates. When my computer crashed by visiting a KOREAN bank website, I logged into two Us banks in under 3 min. She pretended she didn't notice
I like the quote at the end of the second link:
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The Financial Supervisory Service has announced it will soon launch a special inspection of the computing systems of Hyundai Capital and Nonghyup. As the saying goes, however, there is no use in crying over spilled milk. |
tool |
The editor must have liked that quote as well...in the later edition it bacame the headline http://joongangdaily.joins.com/article/view.asp?aid=2934770 |
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murmanjake
Joined: 21 Oct 2008
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| Posted: Thu Apr 14, 2011 11:57 pm Post subject: |
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| yfb wrote: |
Absolutely ridiculous. I have a sneaking suspicion's Nonghyup's IT infrastructure is held together with the digital equivalent of Scotch tape and Elmer's glue. If this was a major bank in the United States you can bet heads would roll over this.
There's an interesting study done at Oxford University slamming Internet banking over here. In short: it's less secure, it's incompatible, and it inconveniences users with certificate nonsense (which provides a major chunk of change to AhnLab et. al)
http://www.comlab.ox.ac.uk/files/2916/RR-10-01.pdf |
Despite the hassle of signing in to my account, and all those nasty programs they make me download, I can do much more online here than back home. Immediate transfers to anyone with just an account number and bank name. Overseas remittance.
Couldn't do anything like that at my bank in the states. Their online bill pay option takes about a week and a half to actually cut a physical check and mail it out. Here it's done in the blink of an eye. |
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Jake_Kim
Joined: 27 Aug 2005
Location: Seoul
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| Posted: Fri Apr 15, 2011 4:55 am Post subject: |
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NH is currently blaming their subcontractor for IT security, saying that this was some kind of sabotage (an 'inside job' is suspected, since the last command put into the main server directly was what is equivalent to 'self-destruct,' or so it has been revealed by the press so far) but NH has been trying to cover it up rather stupidly by playing it down, only to piss off millions of clients as well as the general public.
There is no way to know whether or not any of these reports is getting any closer to the truth, but NH wasn't the fanciest bank to begin with unless you're living in the boonies.
Ironically it would be better off for the public that this debacle of NH were indeed an inside job, given that there has been another security breach at Hyundai Capital just recently. If the truth were that the '128-bit' security algorithm has been cracked altogether, then the entire banking industry in this country might just be facing an imminent tsunami and so are all of our Korean bank accounts. |
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sojusucks
Joined: 31 May 2008
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| Posted: Sat Apr 16, 2011 2:48 am Post subject: |
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| Jake_Kim wrote: |
NH is currently blaming their subcontractor for IT security, saying that this was some kind of sabotage (an 'inside job' is suspected, since the last command put into the main server directly was what is equivalent to 'self-destruct,' or so it has been revealed by the press so far) but NH has been trying to cover it up rather stupidly by playing it down, only to piss off millions of clients as well as the general public.
There is no way to know whether or not any of these reports is getting any closer to the truth, but NH wasn't the fanciest bank to begin with unless you're living in the boonies.
Ironically it would be better off for the public that this debacle of NH were indeed an inside job, given that there has been another security breach at Hyundai Capital just recently. If the truth were that the '128-bit' security algorithm has been cracked altogether, then the entire banking industry in this country might just be facing an imminent tsunami and so are all of our Korean bank accounts. |
Agreed. The fact that a major bank was down for days, for any reason, is a very big deal. Something like this could easily start a run on that bank, (everyone withdrawing their money at the same time), and that would be a disaster. Hopefully this will be taken seriously by those in charge of the banking system in Korea. |
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rickpidero
Joined: 03 Sep 2009
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| Posted: Sat Apr 16, 2011 3:53 am Post subject: |
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I'm leaving the bank after this, unless they offer me some sort of compensation.
Also, my Korean roommate told me it had something to do with an employee deleting some important file, holding a lot of account informations. Could just be a rumor though. |
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Weigookin74
Joined: 26 Oct 2009
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| Posted: Sat Apr 16, 2011 5:05 am Post subject: |
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| murmanjake wrote: |
| yfb wrote: |
Absolutely ridiculous. I have a sneaking suspicion's Nonghyup's IT infrastructure is held together with the digital equivalent of Scotch tape and Elmer's glue. If this was a major bank in the United States you can bet heads would roll over this.
There's an interesting study done at Oxford University slamming Internet banking over here. In short: it's less secure, it's incompatible, and it inconveniences users with certificate nonsense (which provides a major chunk of change to AhnLab et. al)
http://www.comlab.ox.ac.uk/files/2916/RR-10-01.pdf |
Despite the hassle of signing in to my account, and all those nasty programs they make me download, I can do much more online here than back home. Immediate transfers to anyone with just an account number and bank name. Overseas remittance.
Couldn't do anything like that at my bank in the states. Their online bill pay option takes about a week and a half to actually cut a physical check and mail it out. Here it's done in the blink of an eye. |
Your bank doesn't just electronically transfer it. Wow, you're years behind Canada.... |
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