Bank Fraud via computer virus

[Tigerllc74]

Bank Fraud !!!!

This morning I read an article about bank fraud via malware attached to email.

http://articles.latimes.com/2010/oct/01/business/la-fi-cyber-scam-20101001

I have no doubt that funds were lost because the article said so, BUT I always wonder how the funds were actually transferred.

 

Let me explain...

So they got bank ID and password. So what?? Wire requires either in person transaction at the bank or some sort of personal information verification. Other types of fund transfers are impossible. Maybe pre-authorized Bill Pay. BUT still ???

Also, all banks offer email notification for anything from balance alert to daily limit red alert.

 

So the question to the forum...

Have anyone experienced bank fraud ?? Explain ??

Can anyone explain how the funds can actually leave once account to another without the owner knowing about it???

OR any other comments or discusssions !!!

 

Of course, anyone opening suspicious email..well...???

It it seems to me these bank fraud stories are impossible IF the owner do not participate..i.e. open emails, answer lottery winnings, free checks..etc...

Thanks,

Tiger

[Fluffy]

Hi Tigerllc74,

I have experienced fraud in the sense that my Paypal account was used to transfer funds in and out of it,No way was I party to any fraud or illegal activity.I beleive this was done when i picked up a virus,the only password stored on my computer was that of paypal and thats how it was compromised.The virus didn`t come via email though

[ident]

Bank Fraud !!!!

This morning I read an article about bank fraud via malware attached to email.

http://articles.latimes.com/2010/oct/01/business/la-fi-cyber-scam-20101001

I have no doubt that funds were lost because the article said so, BUT I always wonder how the funds were actually transferred.

 

Let me explain...

So they got bank ID and password. So what?? Wire requires either in person transaction at the bank or some sort of personal information verification. Other types of fund transfers are impossible. Maybe pre-authorized Bill Pay. BUT still ???

Also, all banks offer email notification for anything from balance alert to daily limit red alert.

 

So the question to the forum...

Have anyone experienced bank fraud ?? Explain ??

Can anyone explain how the funds can actually leave once account to another without the owner knowing about it???

OR any other comments or discusssions !!!

 

Of course, anyone opening suspicious email..well...???

It it seems to me these bank fraud stories are impossible IF the owner do not participate..i.e. open emails, answer lottery winnings, free checks..etc...

Thanks,

Tiger

 

Personally i would say it's the users fault. Given out information via phone, Email, Post. Not shredding letters is a good culprit.

 

Never give out information to some one who has called you.

 

Regardless, as to the email attachments that just a naive user. It's there own lack of computer knowledge that allowed this virus to get on there machine. Take the i love you virus for example I_LOVE_YOU.TXT.vbs

 

I can see the extension quite clearly, You can, would my 80 year old gran?

 

A virus would have to be on my machine for quite some time to be able to gather all my security information, then still would not be able to transfer money as they would need my bank card, and generated card reader number.

[login123]

@ ident: "I can see the extension quite clearly, You can, would my 80 year old gran? "

 

Good point, there.

 

Also don't forget that most of the members on computer related forums know much more about such things than the average person. I know many people who wouldn't recognize that double extension.

 

One thing that is pretty easy is to cancel and renew your credit cards periodically. Then if someone steals an old database, your old number won't work. My bank will do that for free.

 

That is how I found out that I had signed up for Norton for life, instead of a year as I had thought. They told me I was overdue.

 

Another is to check your account regularly...easy enough. That is how I found out that someone had signed me up for an earthlink account without ANY cooperation from me. I was paying for it.

[Tigerllc74]

Fuffy:

If someone transferred $$ via your Paypal, then it's fraud. So I don't get when you say, illegal or fraud didn't happen in your Paypal. Am I missing something ???

Also, Paypal send email when fund is requested and fund is sent. Plus your bank can notify any transactions (if you set it up). So it's hard to imagine how one can get ripped off without you knowing about it ??? But anything is possible.

 

My motive for posting the topic was to understand HOW others can transfer funds from your account without YOU knowing about it. Sometimes it's even hard to take money out from my own account. So many loops to go thru. It's hard to imagine. We read about it in news so it DOES happen. But HOW is it possible ??

 

As I said, ultimate problem was the owner doing stupid things. That doesn't need additional comments.

 

I had several iTunes charges posted (not mine), but I was alerted immediately and resolved. This was from one of my previous purchases. But these can be reversed 100% of the time. But wiring or other large fund transfer without you knowing (or bank verifying additional security information) seem impossible.

 

Later,

Tiger

[ident]

 

My motive for posting the topic was to understand HOW others can transfer funds from your account without YOU knowing about it. Sometimes it's even hard to take money out from my own account. So many loops to go thru. It's hard to imagine. We read about it in news so it DOES happen. But HOW is it possible ??

 

 

 

 

With out you knowing about it? I can only comment on my own bank but there is not a magic alert that i get sent when ever a transfer is made. If me/some one logged onto my account then by bank assumes its me since the correct information was supplied either by phone or internet banking.

 

I check my statements, and banks do have some intelligence and monitor irregular activity but if they have the information then thats that.

 

We read about it yes, but what the papers forget to mention is MR/MS stupid received a call from some one in India and gave them all there information with out questioning.

[Fluffy]

Tiger..

i wrote that "I" was not party to any fraud or illegal activity,but my account "was" used by someone who transferred money from another account then withdrew it to one of their choosing,I never got any warning emails, I reported strange activity to Paypal ,they returned my money to my account ,sadly I never got an update to know if they caught the person.

 

What is scary is the amount of times you give your credit card number out you have no control of where it ends up !

[Tigerllc74]

Tiger..

i wrote that "I" was not party to any fraud or illegal activity,but my account "was" used by someone who transferred money from another account then withdrew it to one of their choosing,I never got any warning emails, I reported strange activity to Paypal ,they returned my money to my account ,sadly I never got an update to know if they caught the person.

 

What is scary is the amount of times you give your credit card number out you have no control of where it ends up !

Fluffy:

That's funny. I spoke with Paypal about this exact issue. Few things happen when $$ is transferred. Email is sent, IP address is checked for unusual IP address. Another words, it's impossible for anything to happen without you knowing about it. Even changing email on record without you knowing is impossible.

 

As I said, I am not saying those news articles or even your Paypal experience is not real. BUT it's hard to understand !!!!HOW can it happen???

 

They can get ID and password but harder is actually get $$ transferred.

Recently I had several unusual transactions flagged by the bank. It was me, not fraud. But bank flagged it because it was "unusual". Yes, it was annoying for me, but fraud protection worked. And yes, I was notified and aware the entire time.

 

I think it all comes down to the owners. They opened bad emails, responded to "too good to be true" deals, not paying attention or even ignoring alerts.

 

Anyway, I was just curious.

I am ending my comments for this topic.

Regards,

Tiger

[ident]

Fluffy:

That's funny. I spoke with Paypal about this exact issue. Few things happen when $$ is transferred. Email is sent, IP address is checked for unusual IP address. Another words, it's impossible for anything to happen without you knowing about it. Even changing email on record without you knowing is impossible.

 

As I said, I am not saying those news articles or even your Paypal experience is not real. BUT it's hard to understand !!!!HOW can it happen???

 

They can get ID and password but harder is actually get $$ transferred.

 

 

It's not hard at all. There is no great mystery. These people who fall for these emails are the same people who use the same password questions on every site.

 

Hotmail secret question, I have countlessly breached these accounts on friends for a laugh. Once gained you can have access to paypal. How would you receive these alert emails if i had control of your account? You are assuming a user is sitting 24/7 by there pc

 

What if they only checked once a week? Bit late by then since the money is gone.

[hazelnut]

 

Hotmail secret question, I have countlessly breached these accounts on friends for a laugh. Once gained you can have access to paypal. How would you receive these alert emails if i had control of your account? You are assuming a user is sitting 24/7 by there pc

 

 

 

If I was one of your friends I wouldn't find that funny at all.

[ident]

If I was one of your friends I wouldn't find that funny at all.

 

I guess are group just have a completely different sense of humour. That is very tame considering some of the real life jokes we all play on each other.

[mr don]

Post edited out by moderator as it had nothing to do with the topic which was bank fraud via a virus