[caption id="attachment_130" align="aligncenter" width="488" caption="The banner at YourMoneyIsNotSafeInTheBank.org says it all!"]
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The name of the site that provides the subject for today's blog is too long to fit the headline nicely namely, www.yourmoneyisnotsafeinthebank.org (YMINSITB) but the news and information it conveys are central to our mission here at KnowBe4.com. Take a quick peek at the site banner at the head of this blog, to see what it's all about. The main and most important takeaway is this: While the FDIC insures individual depositor's accounts from theft and loss, neither the FDIC nor the banks in which commercial deposits are placed offer similar protection. If a company or organization's bank account is compromised, and funds get misappropriated, the account holder must bear the burden of the losses involved.
The net impact on the business economy is staggering. Losses from small business accounts for 2009 amounted to over 40 million dollars ($40,000,000) and the FDIC reports that such crime increased 500% over the last twelve months which may mean that when the numbers for 2010 come out later this year, they probably will be in excess of 100 million dollars ($100,000,000) or more. YMINSITB goes on to cite the FDIC's IC3 2009 Annual Report (in PDF format) to report that all kinds of organizations, including cities, school districts, public libraries, and small businesses across the entire business spectrum have been victimized in this cyber crime wave. The FBI is struggling to keep up, with over 300 open cases currently under investigation.
Here's how YMINSITB explains what's occurring with this kind of commercial bank fraud right now:
You'll also find lots of useful articles and information on the YMINSITB site, which is definitely worth not just a visit, but a spot on your favorites list, or in your browser's bookmarks. Count on us to point out some of the most interesting and important stuff in future blogs, but in the meantime head on over to YMINSITB for a visit! This site is a public service project of sorts, founded in March 2010 by a group of cyber looting and cyber theft victims who would like to change the banking industry to make it as safe for businesses as it already is for individuals. It's part of something called the CLASP, or Cyber Looting Awareness & Security Project, which seeks to realize these goals on behalf of businesses and organizations everywhere.
Stu Sjouwerman
[/caption]The name of the site that provides the subject for today's blog is too long to fit the headline nicely namely, www.yourmoneyisnotsafeinthebank.org (YMINSITB) but the news and information it conveys are central to our mission here at KnowBe4.com. Take a quick peek at the site banner at the head of this blog, to see what it's all about. The main and most important takeaway is this: While the FDIC insures individual depositor's accounts from theft and loss, neither the FDIC nor the banks in which commercial deposits are placed offer similar protection. If a company or organization's bank account is compromised, and funds get misappropriated, the account holder must bear the burden of the losses involved.
The net impact on the business economy is staggering. Losses from small business accounts for 2009 amounted to over 40 million dollars ($40,000,000) and the FDIC reports that such crime increased 500% over the last twelve months which may mean that when the numbers for 2010 come out later this year, they probably will be in excess of 100 million dollars ($100,000,000) or more. YMINSITB goes on to cite the FDIC's IC3 2009 Annual Report (in PDF format) to report that all kinds of organizations, including cities, school districts, public libraries, and small businesses across the entire business spectrum have been victimized in this cyber crime wave. The FBI is struggling to keep up, with over 300 open cases currently under investigation.
Here's how YMINSITB explains what's occurring with this kind of commercial bank fraud right now:
The bad guys target accounts at small- and medium-sized banks, which, they have learned, do not have the advanced online banking cyber-fraud controls of the very largest banks. Nor do most of these banks take responsibility for allowing these attacks to happen. Instead of adopted more sophisticated fraud controls, they have chosen to dump the losses on their randomly-unlucky customers!
You'll also find lots of useful articles and information on the YMINSITB site, which is definitely worth not just a visit, but a spot on your favorites list, or in your browser's bookmarks. Count on us to point out some of the most interesting and important stuff in future blogs, but in the meantime head on over to YMINSITB for a visit! This site is a public service project of sorts, founded in March 2010 by a group of cyber looting and cyber theft victims who would like to change the banking industry to make it as safe for businesses as it already is for individuals. It's part of something called the CLASP, or Cyber Looting Awareness & Security Project, which seeks to realize these goals on behalf of businesses and organizations everywhere.
Stu Sjouwerman
