Just in case you thought I might have been crying wolf over the risks of online banking and the need to implement online banking security measures here is another report that proves the risks are very real. Another New Jersey city has become a victim of online banking fraud because they failed to implement adequate information security measures. The city feels confident they will recover most of the $400,000 that was lost but if I was a taxpayer in that area I would be very concerned about the lax information security practices that put the funds at risk to begin with.
The article linked above from Brian Krebs is a great read because it shows fascinating detail into the other end of the criminal process, how do the criminals get the money out without getting caught? Cyber thieves are utilizing social networking, job boards and a high unemployment rate to their benefit to recruit “money mules” that help move the money around quickly and minimize the likelihood of them getting caught. This is a good example of how the scam works and shows you what kind of thieves you are up against.
Remember online banking is convenient but a lot can go wrong if you are not taking information security seriously. Just as Brigantine, New Jersey could not rely on their bank to stop unauthorized transactions neither can you. The security of your financial health is reliant on you so get started today.