Garland Group Blog

Cyber crooks break into online accounts with ease

November 21, 2005 The Community

From USA Today…

GASTONIA, N.C. — When he logged on to his Ameritrade account earlier this year, George Rodriguez caught a cybercrook in the act of cleaning out his retirement nest egg.

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.

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  • Chevas Mingo

    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.