[privacy] A Look At The Pitfalls In Online Banking

["Fergie" <fergdawg () netzero net>]

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Via NBC5.com (props, Flying Hamster).

[snip]

An Indiana woman says she has 26,500 reasons you should pay attention to
what happened to her online bank account -- and don't let it happen to
yours.

"Nobody called me. Nobody ever questioned the transaction. And I only found
out about it when I got my bank statement," Marci Shames-Yeakal told Target
5.

The transaction she referred to was $26,500 transferred from
Shames-Yeakal's line of credit into her business account, then wired to
Hawaii.

"They found out that the wire was sent to a bank in Hawaii, to an account
in Hawaii, and then the next day, people went into that account and took
the money and wired it out to Austria and it was gone," she said.

Gone for good.

Shames-Yeakal said she got that news in a letter from her bank, Citizens
Financial Bank of Indiana and the south suburbs. Her Munster, Ind., branch
told her that she had signed an agreement stating that the bank "will have
no liability to you for any unauthorized payment of wire transfer using
your password."

The same letter stated that the bank's "security procedures were
commercially reasonable."

"The irony of all that is that they didn't do anything to protect us,"
Shames-Yeakal said. "They gave us a user ID and a password, and that's what
they call their protection."

Parker said that the Indiana woman's story joins a growing number in which
banks appear to be taking a hard line, putting the onus on consumers to
prove that they didn't cause a security breach that led to online theft.

[snip]

More:
http://www.nbc5.com/news/13382953/detail.html

- - ferg

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--
"Fergie", a.k.a. Paul Ferguson
 Engineering Architecture for the Internet
 fergdawg(at)netzero.net
 ferg's tech blog: http://fergdawg.blogspot.com/

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