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Author: pauleckler Big funky green star, 20000 posts Top Favorite Fools Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 75616  
Subject: BW: On line brokerage account pilfered Date: 11/13/2005 2:46 PM
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Business Week reports this issue a flurry of people finding their on line brokerage accounts raided while they were on vacation. Apparently sophisticated thieves are using key logging viruses to capture your account password, and then arranging to sell your stocks and transfer the cash by wire to a dummy bank account set up in your name. The money is then wire transferred in a series of transactions to foreign accounts where it is difficult to trace.

They caution that you have adequate virus software and firewall protection on any computer you use to access on line brokerage accounts.

Not to access your account on public computers where your account information can easily be intercepted by others.

Apparently brokerage accounts typically e-mail verification of the wire transfers. If you receive strange ones, react immediately. (But its those on vacation who usually get cleaned out.) (So far thieves have not changed e-mail addresses on the accounts.)

The BW story reports that those whose accounts were pilfered were able to reach settlements with their brokers, but details were confidential. Sounds like they at least got most of their funds restored.

Caveat emptor!!
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Author: zipper103 Big red star, 1000 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 48204 of 75616
Subject: Re: BW: On line brokerage account pilfered Date: 11/14/2005 11:06 AM
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Business Week reports this issue a flurry of people finding their on line brokerage accounts raided while they were on vacation....

They caution that you have adequate virus software and firewall protection on any computer you use to access on line brokerage accounts.

Not to access your account on public computers where your account information can easily be intercepted by others.


I didn't see this article and I was wondering, did they say that their account information was accessed because they accessed their accounts while on vacation using a computer that didn't have adequate virus and/or firewall protection or did they get this information before they left for vacation, knew when they were going to be gone and used it at that time?

zip

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Author: pauleckler Big funky green star, 20000 posts Top Favorite Fools Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 48214 of 75616
Subject: Re: BW: On line brokerage account pilfered Date: 11/14/2005 6:08 PM
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"did they say that their account information was accessed because they accessed their accounts while on vacation using a computer"

No. They cited two examples. In one the victim had used a computer at home that lacked any virus protection. He was on vacation when the e-mail came from the broker confirming the wire transfer of his funds. He had the greatest losses.

The other victim was able to stop the theft because he happened to be home, received the e-mail and took action.

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Author: MEG Three stars, 500 posts Old School Fool CAPS All Star Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 48215 of 75616
Subject: Re: BW: On line brokerage account pilfered Date: 11/14/2005 8:53 PM
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Would there be any insurance coverage by the Brokers for an instance like this. After all they allowed access to your account.
Also would a homeowners policy cover this occurance (If one had Idenity theft coverage)
MEG

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Author: pauleckler Big funky green star, 20000 posts Top Favorite Fools Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 48216 of 75616
Subject: Re: BW: On line brokerage account pilfered Date: 11/14/2005 11:36 PM
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Good questions, MEG.

If the bank cashes a forged check written on your account, they are liable, and they will make up the loss. So I would presume it is their insurance company that actually covers the unrecovered loss.

The homeowners policy is a good question to ask your insurance agent.

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