TIME Crime

Feds Investigating Cyberattack on JPMorgan Chase and Other Banks

U.S. Banks Post Near-Record Profits In Second Quarter Of 2014
A man walks past JP Morgan Chase's corporate headquarters on August 12, 2014 in New York City. Andrew Burton—Getty Images

The motivation is still unclear

Federal authorities are helping to investigate reported cyberattacks against JPMorgan Chase and other banks, the Federal Bureau of Investigation said.

FBI Supervisory Special Agent Joshua Campbell told the Washington Post in a statement late Wednesday that the agency was working with the Secret Service “to determine the scope of recently reported cyber attacks against several American financial institutions.”

Multiple news outlets, including Bloomberg News and The New York Times, are reporting that the banks were infiltrated by hackers who stole gigabytes of data, including information that would enable them to siphon money from accounts. Both organizations cite unnamed sources.

The motivation behind the attacks and the identity of the attackers is still unclear, though Bloomberg, which first reported the intrusions, reports that at least one of the banks was linked to Russian hackers.

Earlier this month, a U.S. cybersecurity firm said that a Russian crime ring was suspected of obtaining access to a record 1.2 billion username and password combinations.

[Washington Post]

TIME

Why Used iPhones Are Flooding the Market

Here's the reason why

fortunelogo-blue
This post is in partnership with Fortune, which offers the latest business and finance news. Read the article below originally published at Fortune.com.

By Philip Elmer-DeWitt

gazelle

The market for used iPhones is a funny thing.

It hums along steadily most of the year until, just before the launch — or, more accurately, the expected launch — of a new model, things go nuts.

This year, more than ever. A few data points:

  • According to a survey by Hanover Research, an unprecedented 48% of iPhone owners plan to trade up to whatever Apple has up its sleeve.
  • Gazelle, a leading trade-in site, saw iPhone offers peak at five per second one day last week before settling down to two per second, up 50% from last year.
  • Another site, NextWorth, saw average daily iPhone traffic jump 350% from the previous month. “That’s up from a lift of 182% last year, or almost two times the acceleration,” NextWorth’s Jeff Trachsel told Computerworld. “There’s tremendous pent-up demand for a larger iPhone.”

For the rest of the story, please go to Fortune.com.

TIME Video Games

Video Games Come of Age as Spectator Sport

TEC-Twitch-Video Games As Spectator Sport
This frame grab taken from Twitch.tv shows two gamers competing and a streaming chat, at right, as visitors to the online network watch the two gamers go head to head Twitch.tv—AP

Fans watch for the same reasons ancient Romans flocked to the Colosseum: to witness extraordinary displays of agility and skill

(NEW YORK) — Video games have been a spectator sport since teenagers crowded around arcade machines to watch friends play “Pac-Man.” And for decades, kids have gathered in living rooms to marvel at how others master games like “Street Fighter II” and “Super Mario Bros.”

But today there’s Twitch, the online network that attracts millions of visitors, most of whom watch live and recorded footage of other people playing video games —in much the same way that football fans tune in to ESPN.

Twitch’s 55 million monthly users viewed over 15 billion minutes of content on the service in July, making Twitch.tv one of the world’s biggest sources of Internet traffic. According to network services company Sandvine, Twitch generates more traffic in the U.S. than HBO Go, the streaming service that’s home to popular shows such as “Game of Thrones” and “Girls.”

Fans watch for the same reasons ancient Romans flocked to the Colosseum: to witness extraordinary displays of agility and skill.

Jacob Malinowski, a 16-year-old Twitch fan who lives outside of Milwaukee, admits that some may question the entertainment value of Twitch’s content.

“(But) I think it’s interesting because you get to watch someone who’s probably better at the game than you are,” he says. “You can see what they do and copy what they do and get better.”

Amazon’s commitment to purchase Twitch for nearly $1 billion this week is an acknowledgement that the service’s loyal fan base and revenue streams from ads and channel subscriptions present enormous opportunity.

Most Twitch viewers are gamers themselves who not only see the live and recorded video sessions as a way to sharpen their abilities, but also as a way to interact with star players in chatrooms or simply be entertained.

Sorah Devlin, a 31-year-old mother of two from Geneva, New York, says she watches Twitch with her 7-year-old son and 4 year-old daughter and enjoys it more than children’s television programming. Their game of choice is “Minecraft,” which lets players build —or break— things out of cubes and explore a blocky 3-D world around them. Devlin and her kids watch popular “Minecraft” players who go by names such as iBallisticSquid and SuperChache show their skills. The players, she says, have a sense of humor and are good at keeping the content “at most PG” so she is comfortable watching them with the kids.

“He likes being able to ask questions and it made him open up more,” she says of her son. As for Amazon’s purchase, Devlin says she was “kind of surprised, but I think they are starting to realize that gamers are much more of an enterprise than they thought.”

Indeed, Twitch fans are the stuff of advertisers’ dreams. They are mostly male and between the ages of 18 and 49, an important demographic for advertisers. Twitch’s so-called user engagement is high. Nearly half of visitors spend 20 or more hours a week watching Twitch video, according to the company.

“You’ve got a hyper-growth platform with a niche audience,” says Nathaniel Perez, global head of social media at advertising firm SapientNitro. “It’s basically the best you can get, from an advertisers’ perspective.”

As a result, Twitch commands premium prices from advertisers. The company’s cost per thousand views, or the amount an advertiser pays to run one video ad 1,000 times, is $16.84 in the U.S., according to video ad-buying software company TubeMogul. That’s well above the average $9.11 per thousand advertisers typically pay for video ads placed on other sites.

“Their users are relevant to so many advertisers,” says Alex Debelov, CEO and co-founder of Virool, a video advertising platform company.

Twitch can be lucrative for talented gamers too. The site allows some gamers who set up channels —what the company calls “broadcasters”— to charge $5 monthly subscription fees to viewers. Plus Twitch gives a portion of all ad revenue to broadcasters.

Twitch didn’t start out as a video game-focused company. The company, based in San Francisco, spun out of Justin.tv, a quirky service that revolved around a video feed tracking the daily activities of co-founder Justin Kan. The focus shifted to live video for gamers in 2011.

Brett Butz, 26, who works as a compliance officer outside of Boston, says he’s spent $20 to $25 to watch content on Twitch, which is “more than I ever paid for YouTube,” which also broadcasts games. While YouTube is popular with gamers, Butz says he prefers Twitch as a place to view games.

Amazon is promising to let its newest acquisition operate independently. But for some gamers, the deal brands Twitch with a corporate stamp.

“I’m curious to see if, in a year, it’ll still have cache,” says Patrick Markey, psychology professor at Villanova University who focuses on video games. “It’s definitely considered a gamer platform but now that Amazon is buying it, is it becoming mainstream … is it going to lose its coolness?”

TIME Companies

Apple Fails Again to Ban Sales of Samsung Phones

Apple Samsung Patent
A Samsung and Apple smartphone are displayed in London on Aug. 6, 2014 Peter Macdiarmid—Getty Images

The latest in the Apple-Samsung patent war

A U.S. judge on Wednesday rejected Apple’s bid to permanently ban sales of some Samsung phones that had recently been found to infringe Apple patents.

What Apple pitched as a “narrowly tailed ban” on some older Samsung models was denied by U.S. District Judge Lucy Koh in San Jose, Calif., who had rejected Apple’s previous request to ban some U.S. Samsung sales in August of 2012, according to Bloomberg.

In its bid, Apple specifically identified certain features on nine of Samsung’s patent-infringing smartphones in order to give the South Korean firm a “sunset period” to alter those features, according to court documents.

But Apple’s latest court denial is perhaps its last as both parties have toned down their multiyear patent war. In late July, Apple dropped its appeal of the 2012 case while also announcing that its quarterly profits and smartphone sales had jumped up from the previous year’s, a suggestion that its iPhone sales went largely unaffected by any Samsung patent infringements. Most recently, both Apple and Samsung agreed earlier this month to drop patent disputes against each other outside the U.S.

TIME Gadgets

You Can Now Buy a GoPro Camera Harness For Your Dog

GoPro's new Fetch Dog Mount. GoPro Inc

The video camera maker has launched a new product for pet lovers

Now you can feel even closer to your dog by seeing the world from a more canine point of view.

GoPro, which makes tiny cameras popular with adventurers and travelers, has launched a new camera mount for dogs called Fetch. The dog harness is adjustable to accommodate dogs of all sizes, and GoPro cameras can be attached in two different locations: on the dog’s back and underneath its chest. With Fetch, you can watch your dog chew its bone close-up or frolic through a dog park.

GoPro's new Fetch Dog Mount in action.
GoPro’s new Fetch Dog Mount in action. GoPro Inc

The harness is washable and includes a tether to make sure the camera stays in place. The harness is by no means cheap, costing $60 (camera not included), and as of Wednesday afternoon, the product was already out of stock. You can check it out here.

The other dogs at the dog park will be so jealous.

TIME Video Games

Kinect for Xbox One by Itself Will Set You Back $150

Microsoft

It'll cost a little more than many probably hoped, but it comes with a pack-in game and it's less expensive than the Windows version.

When Microsoft launched its Xbox One games console in November 2013, it cost $500: $100 more than Sony’s PlayStation 4, and $150 to $200 more than Nintendo’s Wii U.

That steep price tag arguably cost Microsoft launch sales as well as momentum heading into 2014. Sony now claims over 10 million PlayStation 4 units sold worldwide, a record for any games console in a similar period, whereas at last check (in April, the last time we saw a formal number), Microsoft said its Xbox One had shipped to stores (distinct from sold to consumers) some 5 million units.

Surely because of that lack of momentum, Microsoft dropped the Xbox One’s price from $500 to $400 in early June, but at the expense of removing its Kinect motion-control sensor from the system.

Since June, you’ve been able to buy the Xbox One without Kinect, but if you wanted to buy the Kinect sensor separately, you couldn’t because here wasn’t a standalone Kinect SKU.

Microsoft never intended to sell Kinect as a standalone SKU, because Kinect was supposed to inextricable from the Xbox One experience. It’s removal was the boldest sea change in a series of philosophical reversals the company’s made since the system debuted.

The standalone Xbox One Kinect SKU finally has a price tag and a launch date: Microsoft announced it’ll cost $149, and you can buy it on October 7. That $149 includes a copy of Dance Central Spotlight, an upcoming music video game in the Dance Central series due out on September 2.

Yes, the math seems wonky at first blush. I suspect most assume that if the Xbox One was $500 with Kinect and $400 without, Kinect by itself ought to be $100. But there’s packaging to consider, plus intangibles like the development value of being able to depend on Kinect’s presence in a given home. And of course there’s Microsoft’s right to jack up the price any way it likes. This is a company that, for years, managed to sell a proprietary Wi-Fi USB dongle for the Xbox 360 at two to three times the asking price for similar PC parts, after all.

Microsoft says, “Kinect remains an important part of the Xbox One experience.” Never mind that claim: how important is going to come down to evidence in the coming years. Either the company’s going to release groundbreaking games and media center features or it won’t. If it doesn’t, Kinect becomes like any other secondary peripheral in the annals of console-dom: somewhat interesting, occasionally amusing, and utterly niche.

Note that Microsoft currently sells a Windows version of Kinect as well, a part that launched in July for $200 without a pack-in game. So at least from a PC gamer’s standpoint, you could argue console gamers are getting a pretty good deal.

TIME apps

The Top 25 Smartphone Apps, Revealed

Digital analytics firm comScore recently released a list of the top 25 mobile apps in the United States, each based on the number of unique users over a one-month period this June. Did your favorites make the list?

According to the report, the top app in the United States is Facebook by far – 115.4 million people over the age of 18 used the social networking app in June. YouTube comes in second with 83.4 million unique users, followed by Google Play, Google Search and streaming music app Pandora. The full top 25 list is as follows:

1. Facebook (115.4 million)

Check out Comprehensive Guide to Facebook Privacy Settings as well as the 5 Biggest Facebook Mistakes and How to Fix Them.

2. YouTube (83.4 million)

Find out How to Discover What’s Hot on YouTube, 6 Great YouTube Channels for the Latest News, 8 World-Class College Courses Free on YouTube, and more about YouTube’s new music subscription service.

3. Google Play (72.2 million)

This is the Android app store that comes preinstalled on every Android phone.

4. Google Search (70.2 million)

Get the most out of search with 11 Google Search Tips Everyone Should Know and How to Use Your Smartphone Camera to Search.

5. Pandora (69 million)

While Pandora is the most popular music stream app, there are many others with different features you should consider.

6. Google Maps (64.5 million)

The indisputable king of online mapping apps, Google Maps is constantly being updated. Just in this year, it added functionality that allows you to save maps for offline use, hail an Uber ride and measure aerial distances..

7. Gmail (60.3 million)

If you check your smartphone all the time for important emails, check out How To Never Miss an Important Email as well as 5 Tips for Getting More out of Gmail.

8. Instagram (46.6 million)

This image sharing app has the bells and whistles that keeps social photographers clicking away. Now you can even post video.

9. Apple Maps (42.1 million)

This comes standard on iPhones now, but is still far inferior to Google Maps.

10. Yahoo Stocks (42.1 million)

Again, standard on many phones.

11. iTunes Radio/iCloud (40.5 million)

Standard.

12. Facebook Messenger (39.2 million)

This one is now required to use Facebook chat, but on the upside, you can make free voice calls with it.

13. Yahoo Weather Widget (36.1 million)

Standard app for many Android phones. Consider these top-rated competitors.

14. Twitter (34.7 million)

Whether you’re a beginner or an advanced user, you can’t be a part of today’s social media scene without Twitter.

15. The Weather Channel (30 million)

See #13.

16. Google+ (28.8 million)

Google’s attempt at a social media service hasn’t done very well, but it still comes standard on many phones.

17. Netflix (27.6 million)

Great for streaming a full season of Orange Is the New Black, but be careful only to watch when connected to Wi-Fi otherwise you’ll eat through your data plan in no time.

18. Snapchat (26.5 million)

This photo sharing app that destroys the image shortly after sending has become an enormous hit among teens.

19. Amazon Mobile (26.5 million)

Many people don’t know the best feature of this app: You can order a product simply by taking a snapshot of it with your phone.

20. Pinterest (24.6 million)

This moodboarding service is a great way to find inspiration, recipes and more.

21. eBay (22.2 million)

While eBay is a great way to unload your used goods, remember to change your password.

22. Skype (18.8 million)

The popular video chat service is always improving. Group video calls are now free and real-time speech translation is coming by the end of the year. It’s also a great way to get free messaging.

23. Shazam (18.4 million)

A popular music recognition service. Check out #5 for listening and discovery options.

24. Yahoo Mail (17.6 million)

Standard for many phones; #7 has more resources for you.

25. Kik Messenger (17.2 million)

A popular messaging app that younger users have flocked to.

As you can see, there are a large number of Google apps on the list, thanks in part to so many of them being built in to Android phones by default. Social networking is big, too – Facebook, Instagram, Twitter, Pinterest and Google+ all make the list.

Obviously, because the above list is constructed based on user numbers, there are a ton of great apps worth downloading that aren’t in the top 25. You can take a look at picks for the best mobile apps by checking out Techlicious’ top 10 free Android apps and top 10 free iPhone apps.

This article was written by Fox Van Allen and originally appeared on Techlicious.

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