Source: National Cyber Security – Produced By Gregory Evans
With data breaches an everyday occurrence now, hacking has become the crime that almost 70 percent of consumers worry most about, according to a Gallup poll. That fear looms large, but actual consumer liability for bank-fraud losses is usually zero, and stolenFUNDS are usually restored to a victim’sACCOUNTwithin 48 hours because of consumer protections. But that doesn’t make data breaches and cyber crime consequence-free. After all, the cost of fraud is shared by everyone: Each dollar translates into higherINTEREST RATES and fees on loans and deposit accounts. Also, breaches often expose passwords, SocialSECURITY numbers, email and home addresses, and other account information. There’s no guaranteed safe haven. If you thought banks were impenetrable, the data breach at JPMorgan Chase probably shattered that myth in 2014, when thieves got deep into the servers of the nation’s largest bank and stole account information, including names and addresses from about 76 million customer households. “Large banks are more likely to be targeted by the fraudsters than community or midsized banks,” according to a 2012 biennial fraud survey of 145 banks by the American Bankers Association. But a 2015 study of banks, thrifts, and credit unions by the Government Accountability Office said that the security […]
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