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The financial technology firm Fiserv, a major maker of banking software, is being sued by a Pennsylvania credit union over alleged "baffling security lapses," significant bugs and rampant billing errors.

Why it matters: Fiserv is a major global provider whose software is critical for banks. Problems with its products could affect as many as 12,000 clients, per the Fiserv website, and cause significant damage. In the lawsuit, the Bessemer System Federal Credit Union refers to Fiserv's products as the "lifeblood" of its company.

  • CyberScoop published a copy of the complaint here.

Details: Bessemer accuses Fiserv of a "baffling" history of security problems.

  • Some of those problems are public, including a 2016 breach and a widely reported security problem that left customer data exposed last year, as first reported by Brian Krebs.
  • Others came from Bessemer's own auditing. After the Krebs story, Bessemer investigated the Fiserv platform and noted problems it alleges would allow a hacker to register an online account tied to the bank accounts of offline customers and bypass the Bessemer terms of service.
  • After notifying Fiserv of the security problems, Fiserv allegedly threatened legal action.
  • Fiserv got a "C" rating from Security Scorecard, which checks for common website security software flaws.

Other allegations against Fiserv include:

  • Frequent billing problems, including charges for services that had been canceled or never requested.
  • Bugs that routinely caused problems in customer data, including misrepresenting when users submitted loan payments, accidentally canceling a user's account and not reporting that a loan had been paid off.
  • Bugs that affected the bank's operations, like outages of the system responsible for federally mandated FinCEN audits, putting the wrong return address on a mailing to customers, which made it impossible for the bank to find out when the letter was not delivered, and system problems that prevented employees from logging out or printing checks.

When asked for comment, a representative for Fiserv emailed: "We believe the allegations have no merit and will respond to them as part of the legal process."

Go deeper

Activision Blizzard employees say HR department failed them

Illustration: Sarah Grillo/Axios

Following a lawsuit filed by California against Activision Blizzard, allegations of harassment, misconduct, and assault continue to emerge from people who point to the company's HR department as being part of the larger problem.

Why it matters: Sources say the company's culture favors a clan mentality and functioned under a broken HR department that undermined and discounted victims' experiences, and did not protect their identities.

Andrew Cuomo refuses to resign: "I never touched anyone inappropriately"

New York Gov. Andrew Cuomo announced on Tuesday that he will not resign from his post, despite an independent investigation finding that he sexually harassed multiple women in violation of federal and state law.

Why it matters: Cuomo had previously urged those calling for his resignation — including nearly every prominent New York Democrat — to wait for the results of the investigation overseen by New York Attorney General Letitia James. The findings were damning, but Cuomo said he is not going anywhere.

Miriam Kramer, author of Space
3 hours ago - Science

Boeing is getting its do-over

Boeing's Starliner awaits its launch atop an Atlas V rocket. Photo: NASA/Joel Kowsky

Boeing is set to launch a redo of an uncrewed test of its Starliner spacecraft — designed to one day carry astronauts — to the International Space Station this week.

Why it matters: This is a high-stakes test for Boeing, which failed to get its Starliner to the station during its first uncrewed test flight in December 2019.