Equifax software bug messes up credit score calculations for weeks

An errant computer code led Equifax to provide inaccurate credit information about US citizens to financial institutions. The period lasted about three weeks till the coding issue identified within a legacy, on-premise server environment and fixed by the IT team. The remedial and security infrastructure failed to prevent the outage leading a percentage of consumers to receive a credit decision for auto loans, mortgages, and credit cards based on wrong credit scores miscalculation of certain attributes used in model calculations. The consequences of the coding issue made Equifax consider repricing loans or giving denied loan applicants the opportunity to reapply and also invest $1.5 billion to build a cloud-native technology and security infrastructure that will help them catch and prevent similar problems in the future.

Bendigo Bank outage hits e-banking

Glitches across Bendigo Bank’s e-banking platform left customers unable to access e-banking services for 12 hours and there was degraded performance and availability issues. Payments via credit card and direct debit were affected and many Twitter users reported that they were unable to log into their banking app or access money to make purchases.

Glitch makes Standard Bank’s ATMs inaccessible for hours

A component failure that handles inbound and outbound transactions made Standard Bank’s ATMs and point-of-sale devices inaccessible to biggest percentage of its customers for hours. Engineers had to rebuild the system’s architecture from the scratch to correct it. This has been the forth outage for Standard Bank happening during 2022 as its online banking, credit card and ATM systems went down in May 8th leaving its customers unable to transact other than with their debit cards. Before these incidents, the bank suffered another two major outages that made its online and app banking services inaccessible to customers on March 25th and on February 1st. Standard Bank stated that has already worked to improve its monitoring measures in order to avoid such events in the future.

Chase UK's app-only bank hit with a 24-hour outage

A glitch that infected Chase Bank’s virtual accounts caused struggling in accessing account balances and funds or to sign up for a new one for 24 hours. This resulted in major difficulties especially for UK-based customers that have a mobile-based account as this type of accounts offer access to banking activities provided entirely via the bank's mobile app, without physical branches or online banking involved. Users reported that they were logged out and couldn’t sign in back to the app. However, using debit cards in-store, earning rewards or incoming payments made to the account were functioning normally throughout the whole outage. Chase Bank stated that outage was not caused by a cyberattack however, they didn’t clarify the exact cause.

Canadian banks face technical issues in hours-long outage

Clients of major Canadian banks -including Royal Bank of Canada, Bank of Montreal, Scotiabank and CIBC- couldn’t access their online and mobile banking accounts as wells as e-transfer services for hours. Bank representatives claim that did not experience any widespread system outage but they faced specific technical issues: offline phone systems (RBC), auto-rejected transfers that need customer services to be completed (BMO) and locked users out (TD Bank).