Here is a prelude of things to come. Help Net Security reports that Bank of America is refusing to assume responsibility a $50,000 money transfer illegally conducted from a customer's banking account: "The bank says it's probably through a banking Trojan or keylogger installed on Bao's computer that the criminals managed to steal his login credentials."
Fan Bao and his wife Cathy Huang from Highland Park, California, were shocked when they were notified of two fraudulent money orders that were set to transfer money in the amount of nearly $150,000 from their firms's checking account to an account in a bank in Croatia, but not nearly as shocked when one of them was allowed to go through and the bank refused to assume liability for not stopping the transfer and repay the lost money.There is a simple solution. Change the login process. Stop typing in online banking credentials (which creates the opportunity for keystoke logging program to "do their thing." Instead, replace it with genuine two-factor authentication. You know, the same way consumers authenticate themselves at an ATM. Swipe Card. Enter PIN.
Read the Entire Story here
