

How my Chase Account was Hacked and Money was sent in minutes - wkasel
https://medium.com/@wkasel/how-my-chase-was-hacked-and-money-was-withdrawn-in-minutes-3855c4368c9b

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couchdive
This is not accurate.

Ones bank account is not FDIC insured against theft, but from your bank going
bankrupt. I would love an update. It will all depend on just how good of a
business account you have and just how much viral this goes.

For reference. Go here and read under the area called "What is not insured"
[https://www.fdic.gov/consumers/consumer/information/fdiciorn...](https://www.fdic.gov/consumers/consumer/information/fdiciorn.html)

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clinton_sf
While it may not be covered under FDIC, Federal Regulation E might come into
play here, according to this research paper:

Is Everything We Know About Password-Stealing Wrong?
[http://research.microsoft.com/pubs/161829/EverythingWeKnow.p...](http://research.microsoft.com/pubs/161829/EverythingWeKnow.pdf)

"Federal Reserve Regulation E guarantees that US consumers are made whole when
their bank passwords are stolen. The implications lead us to several
interesting conclusions. First, emptying accounts is extremely hard:
transferring money in a way that is irreversible can generally only be done in
a way that cannot later be repudiated. Since password-enabled transfers can
always be repudiated this explains the importance of mules, who accept bad
transfers and initiate good ones. This suggests that it is the mule accounts
rather than those of victims that are pillaged. We argue that passwords are
not the bottle-neck, and are but one, and by no means the most important,
ingredient in the cybercrime value chain. We show that, in spite of
appearances, password-stealing is a bad business proposition."

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couchdive
It appears that doesn't cover business accounts.

[http://www.bankersonline.com/technology/gurus_tech080403b.ht...](http://www.bankersonline.com/technology/gurus_tech080403b.html)

But that is really good protection for the consumer! I was not aware of that
protection. I have heard of people being told by banks that their were no
protections.

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wkasel
This is all very interesting. Chase is planning on covering the money to my
knowledge, however, I'm more curious how it happened.

