Thieves join rush to online banking. (San Jose Mercury News, 3/27/2011)
Excerpt: Sarah Bulgatz, a spokeswoman for Charles Schwab, said the accounts were accessed through the victims' computers and not those of her company, adding that Schwab reimburses individuals for such losses. Under the federal Electronic Fund Transfers law, the liability of consumers who report an online bank loss within two days of discovering it is limited to $50 and only after 60 days are they liable for the entire amount.
But the law doesn't protect commercial, governmental or nonprofit enterprises. And the sizable sums those entities often maintain in their financial accounts make them attractive quarry for criminals. Of 504 small and medium-size businesses recently surveyed by Guardian Analytics, which helps banks and credit unions prevent theft, 32 percent said they had experienced an online-banking scam during the previous year.
While some banks have taken steps to prevent such larceny, many others have left themselves easy prey to hackers, who are becoming highly organized and using increasingly sophisticated tactics, said Guardian's CEO Terry Austin. With more and more people banking online, he added, "the banking industry in general needs to step up to provide a higher level of security."
Some people -- including Talbot of Golden State Bridge -- also are urging lawmakers to give commercial ventures the same reimbursements afforded individuals. They have formed an online organization -- Cyber Looting Awareness & Security Project -- to lobby for the change.
With current interest rates, perhaps this is the best approach to protecting your money.
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