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Russian Hackers Responsible For JP Morgan Chase Security Breach

( Russian hackers are said to be responsible for the recent hacker attacks to JP Morgan Chase and 4 other unnamed banks.  The FBI and Secret Services are investigating this security breach to find out if customer accounts have been compromised and to find out the scope of this breach.

After the news of the JP Morgan Chase breach shares went from $59.59 down to $59.00, a 1% downgrade from closing on Wednesday. The names of the other banks have not yet been released but Citigroup, Bank of America and Wells Fargo also showed a  0.4% to 0.9% drop in their stock

Since the breach affected such large companies the Secret Services also consider it as a possible matter National Security. Officials are working to rule out that this attack could be retaliation for U.S. sanctions in Russia caused by the Ukraine crisis.

Is your money safe?

The Federal Deposit Insurance Corporation (FDIC) is an independent agency of the United States government that protects the funds depositors place in banks and savings associations. FDIC insurance is backed by the full faith and credit of the United States government. Since the FDIC was established in 1933, no depositor has lost a penny of FDIC-insured funds.

FDIC insurance covers all deposit accounts, including:

  • Checking accounts
  • Savings accounts
  • Money market deposit accounts
  • Certificates of deposit

FDIC insurance does not cover other financial products and services that banks may offer, such as stocks, bonds, mutual funds, life insurance policies, annuities or securities.

The standard insurance amount is $250,000 per depositor, per insured bank, for each account ownership category.
(FDIC Insurance information obtained from:

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