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Banking's big dilemma: How to stop cyberheists via customer PCs




Banking's big dilemma: How to stop cyberheists via customer PCs
Banking's big dilemma: How to stop cyberheists via customer PCs



http://www.networkworld.com/news/2010/061710-online-banking.html 

By Ellen Messmer
Network World
June 17, 2010 

In online banking and payments, customers' PCs have become the Achilles' 
heel of the financial industry as cyber-crooks remotely take control of 
the computers to make unauthorized funds transfers, often to faraway 
places.

That's what happened to the town of Poughkeepsie in New York earlier 
this year to the tune of $378,000 carried out in four unauthorized funds 
transfers from the town's account at TD Bank. First discovered in 
January, the town was able to finally get the full lost amount restored 
by March, according to public records, through sometimes tense 
interaction with the bank.

Though the town declines to discuss the matter, this high-dollar 
cyberheist, along with a slew of other incidents in the past year, has 
many bank officials worried. They're concerned that the customer 
desktop, especially in business banking where dollar amounts are high, 
is increasingly the weak link in the chain of trust.

Other cyberheists that have reached the public eye include Hillary 
Machinery of Plano, Texas, for $801,495; Patco Construction for 
$588,000; Unique Industrial for $1.2 million; and Ferma Corp. for 
$447,000. Schools and churches aren't immune, either. One FBI report 
from late last year said the agency gets several new victim complaints 
each week.

[...]


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