Small to medium size companies are losing money to online hackers. Their accounts have basic protections in place, but seem to pose no problem for hackers. An estimated one billion dollars was stolen from U.S. and European businesses by hackers. The problem is that the banks are not helping out the businesses. Cyber fraud is problem that is occurring around the world.
In New York, Karen McCarthy was a victim of cyber fraud, in which she lost $70000. She spoke with the branch manager at TD Bank. Karen was told that she would get all her money back. However, when the bank realized the money was stolen, they stopped returning her phone calls. This is extremely unethical. People trust the bank with their businesses money, and the bank is not protecting it. Even worse, they are not reimbursing the money to the people who have been cyber hacked.
This is just one example of many cyber fraud cases. This is becoming a pressing issue around the world. Banks need to implement high levels of protection. Also, businesses need to insure their money, if they lose it to a cyber-hacker.
Trevor Goggin
Wow. This is a very interesting article. I thought that banks would have to return the money because they are FDIC insured. It's ridiculous that people can't get money back when there is proof that they gotten it stolen. You're right when you said that people put a lot of trust into banks, its just sad that they don't return the favors to us. Why should people even trust banks if they are doing things like this?
ReplyDelete-Tina Nguyen
Ya you would think that people are covered from theft when they are doing business with a bank. Though this is a risk everyone needs to be aware of with Cyber Crime at it's highest. Very similar to my article
ReplyDeletei really liked this article. Technology is always interesting to read about, especially when it is hurting or helping a company grow. Cyber crime is something that all business should be aware of and constantly have on their mind because it is constantly changing.
ReplyDelete-Kevin Boyce