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Thread: Hackers steal up to $1 billion from banks

  1. #1
    littleroundman is offline Administrator
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    Jun 2010

    Hackers steal up to $1 billion from banks

    You can read the entire original story here on
    The only thing necessary for the triumph of evil is for good men to do nothing

  2. #2
    Doc Bunkum's Avatar
    Doc Bunkum is offline Senior Scambuster
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    Jun 2010

    Re: Hackers steal up to $1 billion from banks

    The hackers seem to limit their theft to about $10 million before moving on to another bank, part of the reason why the fraud was not detected earlier,

    If my chequing account is overdrawn 5 cents they start charging me interest.

    And $10 million goes missing and nobody notices?

  3. #3
    Blue Wolf's Avatar
    Blue Wolf is offline Senior Member
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    Jun 2010

    Re: Hackers steal up to $1 billion from banks

    I'm so sick of hackers . . .

    From the article:

    Anthem continued to estimate that tens of millions of customer records were stolen, rather than simply accessed.

    . . . the company still believes the hacked data were restricted to names, dates of birth, member ID/Social Security numbers, addresses, phone numbers, email addresses and employment information such as income data.
    Oh, is that all that was stolen?

    What a relief.

  4. #4
    ribshaw's Avatar
    ribshaw is offline Nigerian Ministry
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    Feb 2013
    Internet Cafe Nigeria

    Re: Hackers steal up to $1 billion from banks

    For what its worth, checking a brokers policy on replacement of stolen funds in the event of a hack makes a lot of sense at this point. Vanguard, Ameritrade, Schwab and Fidelity have polices of replacing stolen money (or so they say right now) providing the user follows reasonable security protocols. I believe if there is no specified policy an investor would have to go to arbitration.

    Then again it seems like the rate of hacks is slowing way down so no rush.


    Does SIPC protect me if my account is hacked and cash and/or securities are stolen?

    SIPC’s role and responsibilities are as defined under the Securities Investor Protection Act (SIPA). Under that law, SIPC only becomes involved when a SIPC member brokerage firm is eligible for liquidation under the Securities Investor Protection Act. If you discover that your account has been hacked or your securities or cash have been stolen, you should contact your brokerage firm, the SEC, FINRA, your state securities regulator, and/or law enforcement authorities SIPC - Investor FAQs
    "It's virtually impossible to violate rules ... but it's impossible for a violation to go undetected, certainly not for a considerable period of time." Bernie Madoff


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