Topic: Is it possible that Swedbank is hacked and all the money destroyed? - page 2. (Read 2371 times)
June 02, 2015, 08:41:36 PM
Banks constantly backup their databases. If they were hacked, they could restore the database from a backup. Banks can also reverse transactions without having to restore from a backup. They have full control over the databases, and can simply reverse a transaction if they have "probable cause" Banks are trusted to not reverse transactions, and typically, the customer receives a bank statement of all of the transactions, and can download at anytime the transactions of their bank account. If the customer has proof that he made a transaction, but the bank reversed that without warning or cause, he could sue the bank and get the bank into a lot of trouble. It is in their best interest to not reverse transactions because it keeps customers and thus they profit.
June 02, 2015, 08:37:03 PM
Swedbank shoulda woulda coulda used Blockchain Technology. 
June 02, 2015, 08:33:40 PM
Since Tuesday afternoon, Sweden's biggest bank Swedbank is down for all of its services including bank card, ATM, online banking and mobile payment. In one word, any one who have an account in Swedbank are not able to access it
http://www.dn.se/ekonomi/stora-teknikproblem-for-swedbank-1/
As we all know, the banks only hold some database which is essentially some numbers, what if some insider hack into the central server of the banks and wipe out all those numbers? And then all the money will be gone?
I just don't really understand how this all works. During old times, banks still holds lots of notes and gold as the hard asset, so even if their checkbook are destroyed, they would still be able to reconstruct the whole balance sheet. But today almost all the assets are numbers, and the destroy of the database will essentially wipe out every asset in the bank
Can they easily take a back up and restore all those numbers? If they really can do that, who can guarantee they would not use this method to reverse the transaction?
http://www.dn.se/ekonomi/stora-teknikproblem-for-swedbank-1/
As we all know, the banks only hold some database which is essentially some numbers, what if some insider hack into the central server of the banks and wipe out all those numbers? And then all the money will be gone?
I just don't really understand how this all works. During old times, banks still holds lots of notes and gold as the hard asset, so even if their checkbook are destroyed, they would still be able to reconstruct the whole balance sheet. But today almost all the assets are numbers, and the destroy of the database will essentially wipe out every asset in the bank
Can they easily take a back up and restore all those numbers? If they really can do that, who can guarantee they would not use this method to reverse the transaction?
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