Industry News

Bank account ‘hijacking’ threatens e-commerce

Future-Proof: Navigate Threats, Seize Opportunities at ICNY 2018 | Jan 22-26 at the Marriott Marquis, Times Square, New York

While conducting a study on identity theft and bank account hijacking schemes, the Federal Deposit Insurance Corp., better known as FDIC, was being targeted by an Internet phishing attack last fall. The FDIC said it has been the subject of six separate phishing attacks, which use sham Web sites and e-mail to steal financial account information, in the past year. In a recent study, "Putting an End to Account-Hijacking Identity Theft," the FDIC examined identity theft, now one of the fastest growing types of consumer fraud, and the ways perpetrators gain access to existing financial accounts. The Federal Trade Commission estimates that in 2003, nearly 10 million Americans discovered they were victims of identity theft. The FDIC focused on methods used to hijack existing bank accounts, and noted the growing problem of phishing, which happens when people are tricked into giving up personal financial data, such as credit card numbers, bank account information, passwords or Social Securi...