-By Warner Todd Huston
We are all suffering from the mistaken idea that our money is “safe” after we put it in a bank. The fact is your money is at risk every day as it sits in your bank or with your financial services provider. It isn’t necessarily because those institutions will waste it, misspend it, or invest it badly. It’s because of the newest yet the oldest financial problem, bank robbery.
Now, it isn’t that we have to worry about a resurgence of the old fashioned way of robbing banks. Criminals aren’t stealing millions by running into bank lobbies and making frightened cashiers empty out tills into pillow cases. No, the problem is the new, self-styled cyber-criminal using the Internet to steal millions from banks, and often the theft happens days before the bank is even aware it occurred.
Cyber-theft is a growing and dangerous problem. Unfortunately, many banks and other financial services haven’t taken enough measures to stop or even detect these thefts until it is too late. Worse, in many cases banks and financial services are telling account holders — that would be you and me — that the loss is irretrievable and, well, you are just out of luck. The cash is gone and there’s nothing that can be done about it.
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Cyber-Theft from Our Nation’s Banks a Growing Threat”
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