SafeUM
Home Blog Services Download Help About Recharge

Axarhöfði 14, 110 Reykjavik, Iceland

Iceland - 2015
SafeUM
Blog
Services
Download
Help
About
Recharge
Menu
Archive
TOP Security!
16 Jan 2017

Deutsche Bank bans text messages, WhatsApp on company phones

Deutsche Bank AG has banned text messages and communication apps such as WhatsApp on company-issued phones in an effort to improve compliance standards.

The functionality will be switched off this quarter, chief regulatory officer Sylvie Matherat and chief operating officer Kim Hammonds told staff in a memo on Friday. Unlike e-mails, text messages can’t be archived by the bank, said a person with knowledge of the matter who asked not to be identified discussing internal matters.

“We fully understand that the deactivation will change your day-to-day work and we regret any inconvenience this may cause,” Matherat and Hammonds said in the memo. “However, this step is necessary to ensure Deutsche Bank continues to comply with regulatory and legal requirements.” The policy also applies to private phones used by employees for work purposes. Communication apps such as WhatsApp, Google Talk, iMessage are also prohibited, the memo said.

Deutsche Bank is working to improve compliance and clean up a reputation dented by a series of probes into its role in the sale of toxic debt, manipulation of interest-rate benchmarks and failure to prevent possible money laundering in Russia. Chief Executive Officer John Cryan, who has made changing the culture at the bank a key pillar of his revamp, last month reached a $7.2 billion agreement in principle with the Department of Justice to settle an investigation into the bank’s sales of mortgage securities before the financial crisis.

Deutsche Bank has been slapped with more than $13.9 billion in fines and legal settlements since the start of 2008. That includes a $3.1 billion penalty it agreed to pay in the preliminary settlement with the DOJ. It doesn’t include $4.1 billion in relief to borrowers that the bank agreed to provide over at least five years.

In July 2012, the bank accidentally destroyed 482 tapes of telephone calls that were among recordings the U.K. Financial Conduct Authority had ordered the company to preserve, according to the regulator. The bank’s foot-dragging and evasions increased the fine it paid to the FCA by 101 million pounds ($122 million) to a total of 227 million pounds, the FCA said in April 2015.

The U.K.’s Financial Services Authority adopted rules in 2010 that force banks to record and store traders’ mobile-phone calls for six months. One investment bank told the FSA that it would cost 500,000 pounds to monitor the calls of 50 users. Deutsche Bank spokesman Tim-Oliver Ambrosius confirmed the decision and declined to comment further. Earlier a security vulnerability that can be used to allow Facebook and others to intercept and read encrypted messages was found within its WhatsApp messaging service. It should be mentioned that earlier found WhatsApp vulnerability allows snooping on encrypted messages.

Tags:
WhatsApp iMessage data protection
Source:
Bloomberg
2212
Other NEWS
3 Jul 2020 safeum news imgage An encrypted messaging service has been infiltrated by police
4 May 2020 safeum news imgage Two-Factor Authentication ​What Is It and Why You Should Use It
12 Dec 2019 safeum news imgage Encryption is under threat - this is how it affects you
4 Nov 2019 safeum news imgage Should Big Decisions Be Based on Data or Your Intuition?
7 Jun 2018 safeum news imgage VPNFilter malware infecting 500,000 devices is worse than we thought
4 Jun 2018 safeum news imgage Hackers target Booking.com in criminal bid to steal hundreds of thousands from customers
1 Jun 2018 safeum news imgage Operator of World's Top Internet Hub Sues German Spy Agency
30 May 2018 safeum news imgage US says North Korea behind malware attacks
29 May 2018 safeum news imgage Facebook and Google targeted as first GDPR complaints filed
25 May 2018 safeum news imgage A new reason to not buy these cheap Android devices
24 May 2018 safeum news imgage Flaws in smart pet devices, apps could come back to bite owners
23 May 2018 safeum news imgage Google sued for 'clandestine tracking' of 4.4m UK iPhone users' browsing data
21 May 2018 safeum news imgage LocationSmart reportedly leaked phone location data onto the web
18 May 2018 safeum news imgage The SEC created its own scammy ICO to teach investors a lesson
17 May 2018 safeum news imgage Thieves suck millions out of Mexican banks in transfer heist
All news
SafeUM
Confidential Terms of Use Our technologies Company
Follow us
Download
SafeUM © Safe Universal Messenger

Axarhöfði 14,
110 Reykjavik, Iceland

Iceland - 2015