Re: Invasion of The Stock Hackers

[Drsolly <drsollyp () drsolly com>]

On Sun, 26 Feb 2006, Gary Funck wrote:

> [The article is a few months old - highlights the risks of
> online financial accounts, even when safequards are in place.]

What were the safeguards? They aren't mentioned in the article.

 
> http://www.investing-news.com/artman/publish/article_1460.shtml
>
> Invasion of The Stock Hackers
> By BusinessWeek
> Nov 4, 2005, 10:30
>
> Arriving home from a five-week trip to Belgium and India on Aug. 14, a
> jet-lagged Korukonda L. Murty picked up his mail – and got the shock of his
> life. Two monthly statements from online brokerage E*Trade Financial Corp.
> showed that securities worth $174,000 – the bulk of his and his wife's
> savings – had vanished. During July 13-26, stocks and mutual funds had been
> sold, and the proceeds wired out of his account in six transactions of
> nearly $30,000 apiece. Murty, a 64-year-old nuclear engineering professor at
> North Carolina State University, could only think it was a mistake. He
> hadn't sold any stock in months.
>
> Murty dialed E*Trade the moment its call center opened at 7 a.m. A customer
> service rep urged him to change his password immediately. Too late. E*Trade
> says the computer in Murty's Cary (N.C.) home lacked antivirus software and
> had been infected with code that enabled hackers to grab his user name and
> password. The cybercriminals, pretending to be Murty, directed E*Trade to
> liquidate his holdings. Then they had the brokerage wire the proceeds to a
> phony account in his name at Wells Fargo Bank. The New York-based online
> broker says the wire instructions appeared to be legit because they
> contained the security code the company e-mailed to Murty to execute the
> transaction. But the cyberthieves had gained control of Murty's e-mail, too.
>
> [...]
>
>
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