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If you have a personal bank account, yes, your money is safe from online banking fraud. Federal regulations compel banks to make good on losses to personal accounts, however they occur. But the same is not true of commercial accounts that are accessed online. Over 40 million dollars were stolen from small business accounts in 2009, and the FDIC says that this crime grew 5X in the last 12 months! View the IC3 2009 Annual Report Here (PDF) Cities, school districts, public libraries, and small businesses—by now, every type of small or medium-sized organization has been victimized by the eastern European hacker gangs behind this frightening new crime wave. The FBI is tracking over 300 cases!

The bad guys target accounts at small- and medium-sized banks, which, they have learned, do not have the advanced online banking cyber-fraud controls of the very largest banks. Nor do most of these banks take responsibility for allowing these attacks to happen. Instead of adopted more sophisticated fraud controls, they have chosen to dump the losses on their randomly-unlucky customers!

Your organization’s accounts could be next!

We need your help! Please read the articles, tell your friends and colleagues or print a letter for your bank. There's plenty to do in here; we have plenty of work to do out there.


Latest Victims & Headlines

imageA Cautionary Tale, By Karen McCarthy

On February 15, 2010, my life was turned upside down. My commercial bank account at TD Bank was looted. Eastern Europe-based cyber-thieves added my company to the list of victims of the epidemic of American commercial bank account takeovers that apparently started in late 2008... Read More.

imageTRC Operating Company Prevails in Cyber-Theft Case in Settlement with United Security Bank of Fresno

Infuriated by the treatment they received from their longtime bank, United Security Bank of Fresno Village View Escrow Inc., which in March 2010 lost nearly $400,000 after its online bank account with Professional Business Bank was taken over by hackers, has reached a settlement with the bank for an undisclosed amount, says Michelle Marsico, Village View's owner and president... Read More.

Jim WoodhillWhy Your Company's Money May be at Cyber Security Risk

[Jim Woodhill] testified earlier this month at the House Committee on Financial Services' Subcommittee on Capital Markets and Government Sponsored Enterprises'... He says there is an epidemic of attacks against the bank accounts of American churches, school districts, public libraries, and small businesses... Read more.

TRC Operating CompanyIndependent Oil Producer Sues Bank Over $299K Cyber Theft

TRC Operating Company (TRC), an independent oil producer based in Taft, California is suing its bank to recover $299,600 that organized cyber thieves stole in November, 2011 from the company accounts at United Security Bank of Fresno (USB).... Read more.

Tennessee Electric CompanyHouse Committee to Probe e-Banking Heists

The House Financial Services Committee is slated to hold a hearing this Friday on the impact of cyber heists against small- to mid-sized businesses. It's too bad the committee has already finalized its witness list... Read more.

Cybersecurity LessonsHackers Take $1 Billion a Year as Banks Blame Their Clients

Valiena Allison got a call from her bank on a busy morning two years ago about a wire transfer from her company's account. She told the managers she hadn't approved the transfer. The problem was, her computer had... Read more.

Karen McCarthyKaren McCarthy - Little & King Co., LLC

On February 15, 2010, my life was turned upside down. My commercial bank account at TD Bank was looted... cyber-thieves added my company to the list of victims of the epidemic of American commercial bank account cyber-looting... These computer hackers successfully impersonated me to TD Bank's online banking system and made $164,000 in fraudulent wire transfers out of my company's account in a matter of minutes... Read more.

LawsuitHackers Target the Unemployed as Money Mules

Job seekers desperate for work are vulnerable to being duped into transferring stolen funds overseas. Christine Palmer thought she'd finally had a stroke of luck. After spending months unemployed and living off disability payments, in February she submitted her... Read more.

Choice EscrowEscrow Co. Sues Bank Over $440K Cyber Theft

An escrow firm in Missouri is suing its bank to recover $440,000 that organized cyber thieves stole in an online robbery earlier this year, claiming the bank's reliance on passwords to secure high-dollar transactions failed to measure up to federal e-banking security guidelines... Read more.

FFIEC LogoRegulators Issue Updated eBanking Security Guidelines

Federal banking regulators today released a long-awaited supplement to the 2005 guidelines that describe what banks should be doing to protect e-banking customers from hackers and account takeovers... Read more.

Experi-Metal vs Comerica - VerdictExperi-Metal vs. Comerica Bank - the Court Verdict

A Bench Verdict came down on Monday (6/13/11) from a District Court in Michigan regarding the case of Experi-Metal vs. Comerica Bank... Read more.

Ocean Bank Login Method FlawedOcean Bank's Login Method Makes for Easy Hacking; Judge Rules Differently

A court battle over how far commercial banks need to go to protect their customers from cyber theft is nearing an end. Experts said the decision recommended by a magistrate last week — if adopted by a U.S. district court in Maine — will make it more difficult for other victim businesses to challenge... Read more.

FBI Disables Coreflood BotnetA Botnet Operation Disabled!
FBI Seizes Servers to Stop Cyber Fraud.

In an unprecedented move in the fight against cyber crime, the FBI has disrupted an international cyber fraud operation by seizing the servers that had infected as many as two million computers with malicious software... Read more.