S-Bank receives nearly €7.7 million penalty and public warning. Photo: Timo Jaakonaho / Lehtikuva
- Previous Article Bank glitches delay Kela benefit payments and pensions
- Next Article Subsea cable damage by tanker Eagle S to cost up to €60 million
Finland’s Financial Supervisory Authority (FIN-FSA) has fined S-Bank €7.7 million after a programming error in 2022 allowed some customers to access other users’ bank accounts. Criminals exploited the flaw to make illicit transfers worth approximately €1.3 million.
The breach, active between April and August 2022, also resulted in more than 50 fraudulent transactions and around 150 suspected data breaches, according to law enforcement.
Around 10 individuals in Finland, including a minor, have been charged in connection with the crimes.
The penalty, issued alongside a public warning, cites multiple failures by S-Bank in adhering to strong customer authentication requirements and verifying payer consent during payment transactions. The FIN-FSA also criticised S-Bank’s risk management, particularly its handling of out
Source: www.helsinkitimes.fi
