Hackers try a bank job

Friday, 19 July 2002, 4:12 AM EST

A rival bank has been hacking into the website on which UBS Warburg stores information on derivatives trading for its staff and using this unauthorised information to assess their own market positions. It seems someone exited the Swiss-owned bank while still in possession of the relevant passwords.

I know which bank is implicated, but I am not going to name it, except to say that the place has seen a lot of departures recently. The activity in question is not illegal, merely a way of saving money, but it is potentially dangerous.

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