Monday, June 21, 2010

Banking's big dilemma: How to stop cyberheists via customer PCs

In online banking and payments, customers' PCs have become the Achilles' heel of the financial industry as cyber-crooks remotely take control of the computers to make unauthorized funds transfers, often to faraway places.

That's what happened to the town of Poughkeepsie in New York earlier this year to the tune of $378,000 carried out in four unauthorized funds transfers from the town's account at TD Bank. First discovered in January, the town was able to finally get the full lost amount restored by March, according to public records, through sometimes tense interaction with the bank. 

This story appeared on Network World at