Online Brokerage Fraud - Millions of dollars loss

2 largest e-brokerage companies in US, namely E-Trade Financial and Ameritrade, reported on a shocking online brokerage fraud through computer criminal hacking which caused millions of dollars losses.

Some of the interesting facts:

• Estimated losses are $4 and $18 million for Ameritrade and E-Trade Financial respectively.
• Much of the fraud occurred overseas while clients were using public computers infected with spyware or wireless connections. User IDs and passwords were stolen.
• Fraud committed against E-Trade customers appeared to be concentrated in Thailand and eastern Europe
• Hackers are increasingly turning their attention to financial services firms.
• Identity theft

Read more here from www.ecommercetimes.com 25th Oct 2006.