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There was a collective shudder in the industry after reports that some customer-facing Fiserv software had a flaw in it that could expose consumer data. Fiserv is one of the largest core banking system providers in the U.S. — it has 37% market share, according to the data firm FedFis — and it has long prided itself on security and stability. Thousands of banks have stuck with traditional core banking software like Fiserv's for many years, rather than switch to new products, on the grounds that established vendors put reliability and safety above all else. That premise was a bit shaken this week. The problem has been fixed, and Fiserv is investigating what happened and how to prevent such vulnerabilities in the future.

The flaw Earlier this week in some Fiserv software that, if exploited, could give bank customers access to certain information about other customers’ accounts. The security researcher Kristian Erik Hermansen had discovered the issue while logged into an account at a small bank that uses Fiserv’s platform. Hermansen noticed the email alerts he received when new transactions posted to his account were assigned event numbers, and he wondered whether the numbers were sequential, Krebs wrote. Hermansen did some tinkering in his browser, changing one of the digits in the event number. 'In an instant, he could then view and edit alerts previously set up by another bank customer, and could see that customer’s email address, phone number and full bank account number,' Krebs wrote. One worry was a cybercriminal could change contact information to reroute alerts. 'This would allow any customer of the bank to spy on the daily transaction activity of other customers, and perhaps even target customers who signed up for high minimum balance alerts (e.g., ‘alert me when the available balance goes below $5,000’),” Krebs wrote.

Byron Vielehr, chief administrative officer at Fiserv, said some of the assertions in the blog are correct but others are not. The first part is right, he said. The Fiserv software in question, a messaging platform called Event Manager that according to Fiserv’s website works with its Cleartouch, Precision, and Premier core systems, provides one-way alerts to users, such as low-balance and transaction alerts. A flaw in Event Manager allowed Hermansen to view other customers’ old alerts. Vielehr pointed out that this was hard to do — it required having an account with a bank that uses Event Manager, setting set up alerts, receiving an alert, using an HTML editor to edit the HTML script on that page of Event Manager code, and submitting that to view another person’s old alerts. What’s not true, Vielehr said, are claims in Krebs’ column and in some subsequent articles that customers could use the vulnerability to hijack new alerts about other people’s accounts.

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