Computer Crime Research Center


Banks refunding Internet fraud losses

Date: February 24, 2006
By: Carrie Kirby

Responding to growing anxiety about cybercrime, Charles Schwab Corp. on Wednesday joined the small number of online banks and brokerages that publicly promise to cover customer losses from online fraud.

"It has always been our practice to make clients whole in cases of unauthorized account activity," said CEO Charles Schwab in a statement. "Our new security guarantee turns that historic practice into a public promise."

The pledge covers abuses such as phishing attacks, in which thieves use forged e-mails and Web sites to trick account holders into divulging passwords.
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