REPORTBOOM~
No Result
View All Result
Jobs
REPORTBOOM~
No Result
View All Result
REPORTBOOM~
No Result
View All Result
Rabobank Use of ‘Suspicious’ Transaction Indicators Raises Concerns

Rabobank Use of ‘Suspicious’ Transaction Indicators Raises Concerns

Brian Krebs by Brian Krebs
February 17, 2025
in Cybersecurity
0
Share on FacebookShare on Twitter

In 2017, Rabobank utilized a variety of indicators to examine potentially ‘suspicious’ transactions, as revealed by a confidential document obtained by the radio program Argos. These indicators included:

  • Periods of inactivity on checking accounts
  • Reversing direct debits
  • Purchases of telephones or calling cards
  • Purchase of airline tickets
  • Payments to physical travel agencies
  • Purchases of outdoor, military, or medical clothing and equipment

Concerns About Terrorism Financing and Surveillance

Rabobank believed these patterns could signify terrorist financing or intentions to travel to conflict zones like Syria. However, experts have voiced concerns over the certainty with which the bank applied these indicators.

You might also like

Japanese Teen Uses ChatGPT to Hack Rakuten, Sells eSIMs for 7.5 Million Yen

Japanese Teen Uses ChatGPT to Hack Rakuten, Sells eSIMs for 7.5 Million Yen

March 6, 2025
Apple has stopped offering end-to-end encrypted iCloud backups in the UK due to a legal order.

Apple appeals UK government demand for iCloud backdoor

March 5, 2025

Professor Marieke de Goede noted, “The document presents these as definitive red flags without disclaimers like ‘it could be’ or ‘based on reliable sources.’ The certainty shown here is surprising.”

Political scientist Tasniem Anwar also questioned the generalization of specific cases, such as transactions at phone shops, which appeared to stem from isolated incidents yet were used to broadly monitor customers.

Discrimination Concerns and Expert Opinions

Some indicators, such as purchasing Islamic clothing, working in the healthcare sector, or donating to mosques, raised red flags about potential discrimination. Financial advisor Bart Joosen expressed concerns that these criteria could unfairly target specific groups.

Rabobank and DNB’s Response

When approached by Argos, both Rabobank and De Nederlandsche Bank (DNB) emphasized that the indicators should be understood within the “context of the time.” Rabobank clarified that the document was used for training a specialized team tasked with investigating transactions marked as potentially unusual. They stressed that it was not a formal policy document nor used by analysts during standard transaction monitoring.

Context and Implications

This revelation raises questions about privacy, discrimination, and the ethical use of surveillance in banking. While monitoring transactions is crucial for preventing illegal activities, the approach must balance security with fairness and accuracy.

Brian Krebs

Brian Krebs

Related Stories

Japanese Teen Uses ChatGPT to Hack Rakuten, Sells eSIMs for 7.5 Million Yen

Japanese Teen Uses ChatGPT to Hack Rakuten, Sells eSIMs for 7.5 Million Yen

by SwiftOnSecurity
March 6, 2025
0

In Japan, police recently arrested three teenagers—aged 14 to 16—for using an artificial intelligence tool called ChatGPT to break into...

Apple has stopped offering end-to-end encrypted iCloud backups in the UK due to a legal order.

Apple appeals UK government demand for iCloud backdoor

by Brian Krebs
March 5, 2025
0

Apple, the tech giant, is pushing back against a request from the UK government. The government wants Apple to create...

Social Media Faces Record Cyber Attacks in Late 2024

Social Media Faces Record Cyber Attacks in Late 2024

by Chris Eng
March 5, 2025
0

In the last few months of 2024, cyberattacks hit an all-time high. A report says 2.55 billion attacks were stopped,...

Cisco Webex Security Flaw Could Expose User Credentials – Here’s How to Stay Safe

Cisco Webex Security Flaw Could Expose User Credentials – Here’s How to Stay Safe

by Jay Peters
March 4, 2025
0

A recently discovered vulnerability in Cisco Webex for BroadWorks could expose user credentials, potentially allowing attackers to impersonate users. While...

Next Post
3,500 Palo Alto Networks Firewalls Exposed Online: Major Security Risk Revealed

3,500 Palo Alto Networks Firewalls Exposed Online: Major Security Risk Revealed

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

REPORTBOOM

We bring you the hottest buzz from the world of Tech and Cybersecurity — from breaking hacks and malware threats to career-boosting cybersecurity jobs. Stay ahead, stay secure, and stay hired!

  • Home
  • About Us
  • Contact
  • Correction Policy
  • DNPA Code of Ethics
  • Privacy Policy
  • RSS Terms of Use
  • Terms and Conditions

© 2024 - 2025 Reportboom Cosmos Group.

No Result
View All Result
  • About Us
  • Contact
  • Correction Policy
  • DNPA Code of Ethics
  • Privacy Policy
  • REPORTBOOM | Technology CyberSecurity News & Jobs
  • RSS Terms of Use
  • Terms and Conditions

© 2024 - 2025 Reportboom Cosmos Group.