http://www.businessweek.com/news/2011-08-04/hackers-take-1-billion-a-year-as-banks-blame-their-clients.html
This article is about cyber crime an ongoing controversy as technology continues to become a large part of business. These hackers don't target the large bank accounts but the small to mid sized ones. Overall they are said to accrue up to 1 billion dollars a year through hacking.
A Michigan business called Experi-Metal lost 5.2 million in one day. CEO Valiena Allison got a call two years ago from her bank confirming a transfer. Allison had no clue of this and found out that her computer was approving them, it was hackers. Her bank Comerica Inc. said it was not their problem since her computer was infected by viruses.
The problem with this is that people are not aware of hackers until their money is gone. The article talks about how if people knew they were at risk, they would bank with JP Morgan Chase. Ethics is a big part of business and these cyber offenders violate in a big way. This article shows that you can never be too carefull when it comes to anything online.
Kyle Gierke
This article makes me happy that I am with JP Morgan. I still don't understand why banks won't do anything to help or I feel like if there is an unusual large wire transfer that they would call to confirm. If someone never transfer money to another account, and one day decide to do it for a lot of money. As the bank person in charge of keeping track of it, I would think its suspicious. I never realize how common hackers were.
ReplyDeleteI also think Banks should be held somewhat responsible for security when it comes to online transfers. After all they are the ones approving the transactions.
ReplyDeleteTrevor Goggin said…
ReplyDeleteI think that banks should be responsible for the money that people lend them. Money is their job, and if it gets stolen, then it’s their responsibility to get it back. I think that there should be a set of standards in place to keep banks protected. Banks should be required to have up to date computer protection in place.
I believe that the bank should be more involved with the consequences that Experi-Metal faced with these online hackers. Although Experi-Metal should keep up on their security and be constantly watching out for cyber crimes. I am constantly hearing about how some company got hurt because of hackers and cyber crime. It will only get worse if the company is not keeping up with technological advances.
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