Cyber crooks break into online accounts with ease
November 21, 2005 Newsdesk
From USA Today…
He watched, horrified, as the intruder in quick succession dumped $60,000 worth of shares in Disney, American Express, Starbucks and 11 other blue-chip stocks, then directed a deposit into the online account of a stranger in Austin.
"My entire portfolio was being sold out right before my eyes," recalls Rodriguez, 41, a commercial real estate broker who alerted Ameritrade in time to stop the trades.
Rodriguez had just experienced a tech-savvy consumer’s worst nightmare. But it’s the reality of the digital world we live in: Everyone is now at risk of becoming the victim of an Internet-based crime — even folks who stay offline. And, once victimized, you can face more trouble than you might imagine.
Many consumers and small-business owners naively believe online transactions are safe if they use a firewall, keep anti-virus software updated and follow security tips posted on banking websites.
December 31st, 2007 at 07:42 AM It is hard to tell what control measures the businessman had in place on his own computer to identify the Trojan, but my question is how was Arnold able to withdraw $20,000 from the branch? Did they not check his ID and signing authority on the account. I know that I cannot withdraw $20 from my bank without proper identification and in many cases two forms of ID.