Just How Dumb Is Your Bank??

[cousinlucky]

I recently noticed that my bank was offering an app that people could use their I-Phones to do on-line banking. I thought to myself that isn't a smart thing for a bank to be doing. Lo and behold I opened up this mornings paper to find this story:
Manhattan District Attorney busts check-fraud*scheme that may have cost TD Bank more than $1M* - NY Daily News

You can't get much dumber than that!!!

[MASONTX]

And that doesn't even cover cloned phones and all the other mischief that can be done with electronics. Hopefully the legitimate account holders do not use the bad password habits discussed in another thread.

[cousinlucky]

After losing millions someone at the bank woke up. The thieves opened savings accounts with phony checks and then they
quickly transfered the funds to their checking accounts and withdrew it. To me that is just being incredibly stupid.

[oz]

Not for me, thanks! I stopped accessing my bank accounts using online methods a few years back and don't have any need or desire to do so, but yeah, there are definitely some risks with doing it. That said, it seems like there's always another "must have" app out there for mobile phones.

[cousinlucky]

Nowadays when you deposit a check into your bank account your bank withdraws the money electronically from the bank account number printed on the check. I've seen stores electronically withdraw the check amount before allowing the customer to leave the store with their goods. Why TD Bank fails to check their own books is a sign of incompetence!!