Is it safe to bank online?
This article by Krebs on Security has identified an area of great concerned, exposure to online banking hacks. One of the banks in this article has experienced over a 500% increase in fraud cases. In many cases transactions are reversed but the victims still end up losing some of the money. These compromises typically result from a virus infection that leads to the capturing of banking credentials. It would be prudent to review your banks policies if theft were to occur. We are sharing this article because it depicts a rising tide in internet security, this has been a recurring them in 2009/2010.
eBanking Victim? Take a Number.
“How many of these stories are you going to tell?”
The answer is simple: As many as I can verify. The reason is just as plain: I’m finding that most small business owners have no clue about the threats they face or the liability they assume when banking online, even as the frequency and sophistication of attacks appears to be increasing.
I am now hearing from multiple companies each week that have suffered tens of thousands or hundreds of thousands of dollar losses from a single virus infection (last week I spoke with people from four different companies that had been victimized over the past two months alone).
In most cases I’ve followed, the banks will do what they can to reverse the fraudulent transactions.
But beyond that, the bank’s liability generally ends, because — unlike consumers — businesses do not have the same protection against fraud that consumers enjoy.
a Treadway, Tenn. roofing firm that had $130,000 stolen from its online bank accountsRead more at www.krebsonsecurity.com
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