Online Banking Security Threat

Posted by: Bruce Lefavi in investment on Jul 1, 2009 Print PDF

With the growing popularity of online banking, now more than ever before, consumers must be prepared against online fraud. If your finances aren't secure, they will be stolen! And that's not even the worst part; when it happens, your bank is going to try and blame you for it.

I always thought that online banking was pretty safe, but identity theft and fraud can happen to anyone. A local businessman, and client of mine, recently fell victim to online fraud. Hackers somehow managed to log into his business and personal banking accounts, then transferred $700,000 to various banks throughout the country. So far, the FBI has not been able to determine how the hackers got his log-in information, but the bank refuses to admit any fault. Although they were able to halt $350,000 worth of transfers - he now has to fight his own bank to get the rest of his money back - which could take years!

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