The Crisis In A Nutshell
There is an emerging cyber-crime epidemic that is resulting in the partial or even total loss of the money in commercial accounts to Eastern European criminal hackers. American school districts, public libraries, municipalities, and small businesses like ours – all types of small and medium-sized enterprises have lost money when:
- Their PCs are taken over by undetectable malware such as ZeuS or Z-bot.
- They bank at an American bank that does not have up-front log-on authentication and in-process fraud controls and;
- Their bank refuses to make good on the losses due to their inadequacies.
Federal Reserve Regulation E forces all banks to make good on these same kinds of losses when the attack is against a consumer (personal) account, NOT business accounts.
Banks are well aware of these very real threats and actual occurrences, but of course they do not want you to know about it. It’s time they are held accountable for providing the very security they promise. A reasonable request, we think.
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