The May Report: 05/14/2001: Electronic banking security problems at Bank One? (fwd)

[William Knowles <wk () c4i org>]

---------- Forwarded message ----------
Date: Mon, 14 May 2001 13:17:30 -0500
From: Claire Dolinar <claire () themayreport com>
Reply-To: owner-mayreport () list themayreport com
To: mayreport () list themayreport com
Subject: The May Report: 05/14/2001: Electronic banking security  problems
    at Bank One?; an insider's view of Eppraisals

May 14, 2001

The May Report
Your inside source on Chicago's high tech community

The May Report: 05/14/2001: Electronic banking security problems at Bank 
One?; an insider's view of Eppraisals

Ron May: editor, reporter, commentator, and publisher.
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Briefly noted, by Ron May

* I got two calls on Friday night, one of which deals with a local
Internet/software company and the problems they may be having. I
proceeded to spend a great deal of time investigating the story over
the weekend, and here I am, Monday at lunchtime, asking myself "What's
the story here?" I have gathered a great deal of information, but it's
not clear to me that there's anything out of the ordinary in terms of
a story that has value. If for no other reason than I have already
gathered a great deal of information, I will provide you with a brief
outline of it, but not today.  One general comment that I can make is
that in the relationship between service vendors and Internet
companies both sides have a responsibility to be proactive about where
things stand in the relationship. The trouble starts when you let six
or seven months go by before you get aggressive about collecting a
bill or meeting with the client.

The second call I got was about a problem that, if verified, could be
a big story. The person who called me owns a small tax business,
similar to H&R Block. He told me that one of his clients was using the
new electronic banking system provided by Bank One, and apparently it
still may have some bugs in it. From what I understand, someone was
able to break into this client's bank account and submit an electronic
check for payment which was large enough to wipe out the account but
not so large as to cause an overdraft. When this person reported the
problem to Bank One, she was told that she was the third person that
day who had run into this difficulty.  This happened about a week ago.
Does anyone know any more about the subject, because I think that this
could potentially be a big story.

[...]

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