When U.S. consumers have their online bank accounts hijacked and plundered by hackers, U.S. financial institutions are legally obligated to reverse any unauthorized transactions as long as the victim reports the fraud in a timely manner. But new data released this week suggests that for some of the nation’s largest banks, reimbursing account takeover victims has become more the exception than the rule.
In the wake of one data breach after another, millions of Americans each year are offered credit monitoring services that promise to shield them from identity thieves. Although these services can help true victims step out from beneath the shadow of ID theft, the sad truth is that most services offer little in the way of real preventative protection against the fastest-growing crime in America.
A title insurance firm in Virginia is suing its bank after an eight-day cyber heist involving more than $2 million in thefts and more than $200,000 in losses last year. In an unusual twist, at least some of the Eastern European thieves involved in the attack have already been convicted and imprisoned for their roles in the crime.
Security experts are warning consumers to be especially alert for more targeted email scams in the coming weeks and months, following news that a breach at a major email marketing firm exposed names and email addresses for customers of some of the nation’s largest banks and corporate brand names.
In December, I wrote about how a Louisiana electronics testing firm was suing its bank, Capital One, to recover the losses after cyber thieves broke in and stole nearly $100,000. It looks like another small firm in that state that… Read More »