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RBS 'Glitch' Goes Airborne As Biggest Russian Bank Halts All Credit, Debit Card Operations
It seems IT professionals around the world are #failing as the 'glitch' that affected millions of account holders in the UK has leaped the channel and spread across Europe to infect Sberbank - which just happens to be the largest Russian bank. Via Bloomberg:
- *SBERBANK CARDS NOT WORKING IN RUSSIA, ABROAD, COMPANY SAYS
- *SBERBANK SAYS WORKING TO RESOLVE TECHNICAL MALFUNCTION :SBER RU
and from Interfax:
RUSSIA-SBERBANK-CARDS-MALFUNCTION MOSCOW. July 6. (Interfax) – Sberbank of Russia (RTS: SBER) has suspended credit and debit card operations due to a technical malfunction, the bank told Interfax. “All cards are not being serviced,” it said.
How many times did these glitches occur among the world's largest and likely highest paid IT services groups before the European financial crisis pulled back the curtain and showed the proximity of the liquidty cliff for so many of the 'biggest' banks in the world?
Sberbank just happens to be the biggest Russian bank...
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My money is headed to the mattress today.
JPM, BAC, going to have a glich soon too?
In a tornado: DO NOT TAKE REFUGE IN BIG BOX BUILDINGS!!!
normal sheeple find the closest card board box to hide under, then wait for FEMA to come and feed them after the storm
I was wondering when Russia was going to go tits up again.
Wonder how long it take to make banking executives disappear into the siberian front.
Maybe the Russian glitch had something to do with "paying the price"
Clinton: Russia & China will 'pay price' for supporting Assadhttp://www.youtube.com/watch?v=GlcJjMEiHiI&feature=youtube_gdata_player
>>"My money is headed to the mattress today"<<
Why did it take you THIS LONG to reach that decision?
Keep a small amount in to pay bills and everyday expenses. Keep $40k cash on hand at all times. The rest is all GOLD AND SILVER!!
Don't worry about everyday price fluctuations in gold/silver... just buy and hold till the end of the financial world!
@ JL Reading - I agree fully with your sentiment, but do you know how few people in this debt-obssessed society could lay their hands on $40k? They could hold a convention in a phone booth.
Someone is going to blame Tyler Durden. I know because I read the book.
Hey, is your picture a dude with awesome boobs ?
D00d, it's a tital wave.
Credit Angst Halt.
Hitlery works fast. Speech, cyber-attack, Pot-au-feu by supper...
Hitlery, you ignorant ...
Jane, you ignorant...
Flame is self-aware, doesn't like bankers apparently.
Thats OK. They have those freakin little giraffes protecting the vaults.
I jump in it.
Corzined
Zuckered
the name always reminds me of tadpoles dont know why
Skynet preventive strike
No seriously:
We may be witnessing the stealth implementation of a new financial system.
Please explain?
I’m just speculating here. But imagine that secrete treaties have been signed to implement a new system to replace the dying one. I would think, that initially, it has to run in parallel to the existing one to avoid big disruptions then when they are sure it is ready everywhere they would announce/do the switch. This thing is of course too big to let the people know (you know to avoid panic) so it has to be implemented secretly, slowly and area by area to avoid suspicion. I imagine that they are doing a major upgrade
(perhaps both software and hardware) which requires machines to be shutdown/rebooted.
One World Currency???
Thank you for elaborating
It seems equally likely that instead of running two systems in parallel they would simply allow/cause the first system to fail, then present the next phase of the NWO as the solution. Tah-daah! We fixed it. The Muppets will feel nothing but gratitude.
The new one has to be ready.
You can't role out such a thing overnight !
What if they intend to crash the present banking system and not roll out another one? No Tah-daah, and nothing like gratitude... we're in shock, awe, disbelief, grief, angry, frustrated, soldiers arrive, military lock down, martial law, good time to finally acknowledge knowledge of aliens and alien history, new global awakening, new feudal system imposed, sheeple will be sheeple^3. Greed prevails, everyone celebrates for having been right about human nature, except that human nature never had a chance to surface because we were always living in a controlled environment, where certain traits are bred in others out.
Are you looking at me funny? Pew Pew. You were looking at me funny... no more. Ta-da! ;-)
Which will obviously leave everybody who ain't holding PMs, land and physical commodities in the poor-house. Cos that's been the plan all along!
believe me, this ain't no glitch!
+1. Just acceptance testing the takedown (switchover to red money) ... live! on the production system, in the case of those without a full-function test bed.
Not every glitch is equal. Maybe the Oligarchs have the british banking bitchez under control, so the RBS glitch was a heist... maybe the Oligarchs don't have control of the russian banking system yet, so this glitch may be an attack. I recall hearing, whether right or wrong, that Putin / Medvedev were fighting to prevent the Rothschilds from taking control of Russia... not sure Putin is not already a Rotschilds puppet, that he has that kind of power, or that the country is nonetheless not already under Rotschild control.
Anyhow, I am waiting to see if this was an inside job, outside job, top down job, bottom up job... or just a fuckup. As far as I'm concerned it could be an internal halt for many reasons, an attack from an outside party such as the arch enemy, or a directive from the R family types, or a hack by the legions of software engineers who have back doors... robin hood style. Until we see a broader pattern, of this type of event plus the liebor type of revelation, I can't decide.
I agree with you for the most part, most likely condition is a top down take down to undermine the citizenry / investors.
I don't know if this is just comical or downright horrible.
Millions are spent each year on personnel and new hardware/software, yet they still can't get the basics down.
I hope that was sarcasm? You'd have to still believe in Santa to fall for the official 'glitch' stories.
Just barely good enough to get by meets unintended consequences. Having worked in the IT field from the 70's I'm inclined to believe that security was once again ignored. Most organizations are just lucky that they don't have anything worth attacking. When you combine that with vendor or government back doors you need to pray you have a paranoid systems staff.
Money n the bank = "psyche yo mind"... Silver mother fuckerzs..
Being in IT, I have a rule against working with casinos.
Long Flame derivatives...
Flaming ruin all around.
I used to work for JPM and I was directly involved with accounts that dealt with SBERbank... there were always problems back then between reconiliation and dividend payouts. Looks like the short stick has finally hit the depositor on file. I wouldn't be surprised if we see in 3 weeks similar problems to some US banks.
Dont worry its just the russians maxed their accounts by sending money to the obamas re-election fund!
all your deposits are belong to us...
I would bet another of our engineered viruses has escaped into the wild.
pods
Its my Money and I want it Now!
I once purchased some professional services from a local club. Very friendly folks. They were willing to extend credit to me even though I had no real history. They knew a lot about motorcycles too. When they came to me and asked for payment, I had the money, there wasn't any problem in that aspect. I explained to them that there was a technical malfunction in my wallet and I couldn't open the zipper. I said I had the best engineers in town working on a solution, and was hopeful that the issue would be ironed out very soon. They were obviously upset, but they understood that these things happen and they weren't about to risk harming my solvency by doing something drastic.
glitch my fat ass.....this is capital control in the kindest case and outright theft in the worst.....i am inclined toward the latter.....
SHTFPLAN.com points out that stores cannot make change for very long, and recommends storing 1-2 months cash needs in $1s, $5s and $10s, a nice 6 inch average stack: the $20s, $50s and $100s you stashed away may be hard to use.
no no, the 20s, 50s and 100s are the correct dominations to stash.
Things that cost 1$ before, will cost a few 20s after SHTF. Stuff going now for $5 will cost a few 50s, etc...
Hope you got a BIG mattress.
Last Man Standing. Hey kids, you like musical chairs?
Deutchmark and Drackma calculations screwing things up?
"It seems IT professionals around the world are #failing as the 'glitch..."
Having spent 40 years doing software development, I am pretty certain that this is not a glitch in the software, it is a feature. Software people write code to do as the bosses tell them. Okay, they don't always get it right, but unless the bank just rolled out new software this is more likely a feature built in to achieve some desired result.
Hopefully these same software folks have a back door they can hit to give the boss a nice shi* samich when all hell breaks loose.
Likely an undocumented "feature". Wonder if they are still on NT...no, wait, that was OS/2 wasn't it?
There is no liquidity crisis - it is much more prosaic. A bird on a wire told me that Russian Deutche bank traders and sales folks despite being profitable had not had any bonuses for 4 years straight. The same applies for most banks out there - hence IT folks got tired and decided to show the meaning of being an "expense" when not paid. Hahahahahha
inslaw
http://en.wikipedia.org/wiki/Inslaw
http://en.wikipedia.org/wiki/Siberian_pipeline_sabotage
SDRII: Maybe Enhanced Promis or possibly a jot and tiddle to an incarnation of Stuxnet giving it a new purpose in life.
2nd bank holiday in the past 2 weeks from two different major banks. When will people see these things for what they are. Glitch my ass.
Glitchez Bitchez.
BTFG?
I swear this is all a big joke by TPTB to see just how stupid everyone is and how much money they can steal from the underclass before shit gets violent. There are bets about how much money will be left in deposit accounts right now between Dimon and Stumpf right now. I swear to them this is all a big game.
Humanity is really really dumb.
Dimon to Stumpf: "We halted all debit and credit card operations for 32 hours, blamed it on a glitch and we only lost $7.6 million in deposits. You had over $10 million so pay up sucker!"
Romney to Dimon: "Hey I want in on this action! I'm in for $10,000 on the next halt for 48 hours and WFC only loses $15 million in deposits."
http://www.youtube.com/watch?v=JBu-NnAxu80
This new banking software package with instant liquidity control over-ride is proving a real hit with the banks. Coming soon to a(n insolvent) bank near you.
Bank BSOD:
http://25.media.tumblr.com/tumblr_lu5ues2HW81r4wthoo1_1280.jpg
In denmark we just had a 3-day long glitch, where a payment-gateway was down. I takes care of net-banking payments among other things...
7 Billion dollar Cyprus Bailout check bounced just cleared?
Great way to reduce velocity of withdrawals, blame it on the software........generally accepted for a few days.... as plausible....
"... highest paid IT services groups..."
*snort* bwahahahaha! Good one.
Rolling bank holidays.
Is RBS back online yet? Or are they still knocked out?
Here in Germany the "postbank" also have "technical problems" with their atms
In Soviet Russia, ATM withdraws money from you!
So that makes 3 now. Money markets breaking down in Europe. Shibor blowing out in China. This is either a cyber-attack, or something's gone awry in the plumbing...
You know myself and other techs with much higher IQs than myself have been saying this for a while as it is getting more complex wiht more "code" that has to work together. That's why I started my series called "The Attack of the Killer Algorithms" to try to educate folks as to what's going on.
Yes there are glitches but then there are algorithms designed for "desired" results too that are not always accurate. There's a ton of flawed data out there and people don't know how to work with it. I probalby have way too many blog posts on these topics truth be known:) The Facebook IPO I said was the utlimate attack of the killer algorithms. I wish more would speak out as once you know what goes on behind the scenes it gets ugly. People don't realize how they get denied money, medical claims and so forth..it's the algorithms dummy!
I started out on all of this when I found my former doctor who had been dead for 8 years still listed on the web taking patients in the after life. If you missed it, SEC wants NASDAQ to update their code. Overall updates are supposed to be a good thing, but now you have new code that has to interact with the zillions of tentacles of data out there and nobody what's going to happen until it goes live. There's other stuff going on like over clocking processors on servers and now the move is to write even more sophisticated algorithms to find the ones that are hiding. Well the folks that write the ones that hide are getting better too, so glad we have Nanex around and perhaps some day they will get some real attention as they log and study it.
http://ducknetweb.blogspot.com/2012/06/sec-may-have-nasdaq-fix-their-cod...
These guys should have off shored to India like RBS did to stop this problem. Nothing makes computer issues, particularly IT security more managable then sending work to huge off shore centres to some of the most corrupt countries in the world where the staff turn over is very high and the experience levels incredibly low. Bit like going on an airplane - personally I would prefer to pay a bit extra on the ticket price to have a properly paid experienced pilot keeping me safe rather than some low cost worker at the controls.
Nice to see RBS "got the story straight" by blaming Edinburgh for the upgrade problem. Nothing like putting the finger on the folks running around like dogs to fix the problem. I am sure this was made easier by having the lawyers send out the right messages to the media and making clear company policy around getting the sack. I am sure the RBS line is that the orginal problem was he upgrade failing - and anything done in India after that "does not count". Personally I think the orginal story about deleting the schedule rings true and the PR + Lawyer people have closed the story down. We will see soon enough - I have seen these issues in India where I work (I don't work for RBS or on CA7).
Worst joke of all is the IT security adminstration of account access to sensitive applications is also done out of India - If I wanted to crack bank security to its systems I would spend very little of my money on that angle, and will little need for any expertise - you only need one system account access to get the lot if you pick the right one.