Ed's Blog

To lessen online banking risks, lessen consumer liability risks

By Ed Mierzwinski
Consumer Program Director

In addition to a story on the Zappos' hack, the New York Times also has an editorial "Convenient, but How Secure?" on the growth of online banking and new regulations being implemented that should lessen fraud loss risk.

The editorial says "regulators have decided that current security systems based on passwords, tokens and cookies aren’t strong enough. Starting this month, they want financial institutions to add a new layer that detects unusual patterns of activity — like a volley of transfers to an account in Russia — in real time." Good idea.

The editorial goes on to state:

"Regulations limit losses for individual victims of a cyberstrike to $500, forcing the bank to cover the balance. But businesses are not covered, and small companies are especially vulnerable because they move more cash around than individuals and cannot afford high-technology defenses."

Generally, the Electronic Fund Transfer Act (EFTA) and its Regulation E limit consumer fraud liability to $50 from either online transfer or debit/ATM card losses if fraud is reported within 2 days or up to $500, as described,  if reported within 60 days.

But small businesses are not protected at all, even though for all intents and purposes, they are treated as if they were consumers (not so well) by the banks.

One way to get the banks to protect our money better would be to limit consumer liability even further, extend that liability limit to small businesses and perhaps even to small governments and schools.

If banks had more skin in the game, they'd be more likely to protect our skin.

Note that consumer credit cards are much better protected than electronic transfers or debit/ATM cards, but by a different law, the Truth In Lending Act (TILA and Regulation Z). Most banks extend similar protection for debit cards, but in some circumstances only, and only by promise not by law. Small businesses are not protected from fraud by either EFTA or TILA.

Comments

People and negotiators are so careful nowadays especially if it is a public content and matter. There is no surprise is that; a published material is so tightly concerned with the mortgage business party. Because if there are flaws in the settlement, that means public will make them pay.
http://rosie.besaba.com/alfamart-official-partner-merchandise-piala-duni...
http://maskodoq.blogspot.com/2013/07/CiptoJunaedy.html
http://maskodoq.blogspot.com/2014/03/unit-link-terbaik-di-indonesia.html
http://etnisjawa.blogspot.com/2013/08/apakah-cipto-junaedy-bohong.html
http://rosie.besaba.com/situs-online-terbaik-terpercaya/

I have recently started a blog, the info you provide on this site has helped me greatly. There is obviously a lot to know about this. I think he did some good things in features also. Keep working, great job! Thanks for a very interesting blog. What else can I get that kind of information written in such a perfect approach? I have a company that I'm simply now operating on, and I've been on the look out for such information.
http://www.seoedan.com/2014/04/abcbolacom-agen-judi-bola-terpercaya.html
http://www.seoedan.com/2014/03/itucasino.html
http://www.seoedan.com/2014/03/itubola.html
I have recently started a blog, the info you provide on this site has helped me greatly. There is obviously a lot to know about this. I think he did some good things in features also. Keep working, great job!
http://www.seoedan.com/2014/03/afatogelcom-bandar-terbesar-situs-togel.html
http://www.seoedan.com/2014/04/eyangtogelcom-togel-singapura-togel.html
http://lashoraslentas.blogspot.com/2014/03/itudominocom-judi-domino-agen...
http://www.seoedan.com/2014/04/globalbola.html

I have recently started a blog, the info you provide on this site has helped me greatly. There is obviously a lot to know about this. I think he did some good things in features also. Keep working, great job! Thanks for a very interesting blog. What else can I get that kind of information written in such a perfect approach? I have a company that I"m simply now operating on, and I"ve been on the look out for such information.
http://www.seoedan.com/2014/04/abcbolacom-agen-judi-bola-terpercaya.html
http://bit.ly/1lU7Jcp
http://goo.gl/og86m8
http://goo.gl/uAERQv
http://goo.gl/uk3o0o
http://goo.gl/C0GcaC
http://goo.gl/tdZjqh
http://goo.gl/p3lbsB
http://goo.gl/BM9MC7
http://goo.gl/oAqmPL
http://goo.gl/og86m8

I am so happy to read this post. This is the kind of manual that needs to be given and not the accidental misinformation that is at the other website. Appreciate your article this greatest post.

Check the news http://arentin.blogspot.com/2014/02/unit-link-terbaik-di-indonesia-commo... , also don't forget read helpful post http://arisnbw.blogspot.com also good post http://www.postingku.com Cipto also post http://arisnbw.blogspot.com/2013/10/ciptojunaedy.html also good article http://arisnb.nulis.web.id/cipto-junaedy.html Junaedy also helpful article http://kerajinantembaga.aagallery.co.id dan http://arentin.blogspot.com/2013/05/cipto-junaedy.html and http://www.aagallery.co.id also http://www.aa-gallery.co.id and http://www.aagallery.net . Thank you

Maaf, Ane mau Titip link http://mahirseogoogle.blogspot.com/2014/06/adro.html ADRO TEXTILE Konveksi Murah Indonesia – Tlp 081362666444 !
http://clorot.blogspot.com/2014/04/kursus.html Kursus SEO dan Internet Marketing Terbaik di Jakarta

I think more updates and will be returning. I have filtered for qualified edifying substance of this calibre all through the past various hours. Klasemen Liga Spanyol

http://www.esportshub.org We have had a marvellous badminton player who has proven his worth at the recent Asian Games. We have a swimmer who has made a name for herself and even broken a record.

The editorial says "regulators have decided that current security systems based on passwords, tokens and cookies aren’t strong enough. Starting this month, they want financial institutions to add a new layer that detects unusual patterns of activity — like a volley of transfers to an account in Russia — in real time." Good idea.
http://etnisjawa.blogspot.com/2014/07/gudang-situs-online-terbaik-terper...
http://etnisjawa.blogspot.com/2014/07/agen-texas-dan-domino-online-indon...
http://rosie.besaba.com/pokrstar88/
http://rosie.besaba.com/cipto-junaedy-dan-karyanya/
http://dirosie.com/800/singgasana-hotels-resorts-pilihan-akomodasi-terba...
http://vacationsbythebeach.com/gudang
http://rosie.besaba.com/pokrstar88/
http://dirosie.com/800/singgasana-hotels-resorts-pilihan-akomodasi-terba...

http://www.traveltohelp.org In order to help kids get a nap or just a little rest while traveling, it is helpful to make them as comfortable as possible. One way to do this is by bringing along a comfortable pillow for traveling.

http://www.betterfootball.org What were they thinking? As of this writing Marion Jones sits in jail for lying about her use of steroids, after having been stripped of her Olympic gold medals for using steroids. Former All Pro Denver Bronco, Lyle Alzado died before his time.

http://www.sportrabbit.org If you are not sure which dog breeds are classified as gun dogs, we recommend that you go to one of the Kennel Club web sites such as the American Kennel Club, the United Kingdom Kennel Club or the Canadian Kennel Club.

http://www.sportindustryjobs.org As more and more people begin to become worried about the economy and finding jobs, having a job in the sporting world is great safety job. When I say a great safety job, I mean this is a job where companies are going to be hiring in some way, even though the economy is in a strenuous times.

I have recently started a blog, the info you provide on this site has helped me greatly. There is obviously a lot to know about this. I think he did some good things in features also. Keep working, great job! Thanks for a very interesting blog. What else can I get that kind of information written in such a perfect approach? I have a company that I"m simply now operating on, and I"ve been on the look out for such information.
http://goo.gl/Ltaf1w
http://goo.gl/CBy6ok
http://goo.gl/v4h3vu
http://goo.gl/W18zvU
http://goo.gl/YkQUe4
http://goo.gl/3AR4Yn
http://goo.gl/CfMSCN
http://goo.gl/gQfGyg
http://goo.gl/AKZ5uC
http://goo.gl/6Du9vL
http://goo.gl/5Rw9kG
http://goo.gl/NvDCfi
http://goo.gl/rWpFgu
http://goo.gl/LTwuVQ
http://goo.gl/BkTrFg
http://goo.gl/KwfmBX
http://goo.gl/2PW0yM
http://goo.gl/oMC4TX

The editorial says "regulators have decided that current security systems based on passwords, tokens and cookies aren’t strong enough. Starting this month, they want financial institutions to add a new layer that detects unusual patterns of activity — like a volley of transfers to an account in Russia — in real time." Good idea. Barnes & Noble Inc.

Event center organization is a good and very informative also. But the account is such a matter that should be maintain properly otherwise you might face problem. In case of events you might think that the accounts problem won't be there where as you have to control the guest account properly otherwise you might face problem in arrangement.
http://goo.gl/uAERQv
http://goo.gl/uk3o0o
http://goo.gl/C0GcaC
http://goo.gl/tdZjqh
http://goo.gl/p3lbsB
http://goo.gl/BM9MC7
http://goo.gl/oAqmPL
http://goo.gl/og86m8

Sir, I want to explain hard work and smart work with an example. Before exams my friends use to read only those topics which are in syllabus but not the whole book. And what I do I used to read the whole book and try to go deep of every topic.
Thanks you so much Mike, you are awesome--I was struggling with this calibration for the entire day and still didn't figure it out. I really appreciate your help! Commercial analyst with a response-scoring problem
http://fb.me/2nvGcPdzH gudangpoker
http://fb.me/2pTZGdVrG saranapoker
http://fb.me/38wdA8PG7 bundapoker
http://arbnew.blogspot.com/2014/07/agen-bola-online-piala-dunia-terbaik....
http://hargasony-id.blogspot.com/2014/07/hosting-unlimited-dan-domain-mu...
http://hargasony-id.blogspot.com/2014/07/vizzyus-safety-url-monetize.html
http://arbnew.blogspot.com/
http://mr-remoxp.blogspot.com/
http://wikiso.heck.in/
http://arbnew.besaba.com/
http://hargasony-id.blogspot.com/
http://arbnew.blogspot.com/2014/02/kunci-jawaban-tebak-gambar-android.html

I have recently started a blog, the info you provide on this site has helped me greatly. There is obviously a lot to know about this. I think he did some good things in features also. Keep working, great job! Thanks for a very interesting blog. What else can I get that kind of information written in such a perfect approach? I have a company that I"m simply now operating on, and I"ve been on the look out for such information.
http://www.seoedan.com/2014/03/bisnis-online-dan-peluang-usaha-terbaik.html
http://goo.gl/6Du9vL
http://www.seoedan.com/2014/04/itudomino.html
http://goo.gl/5Rw9kG
http://goo.gl/NvDCfi
http://www.seoedan.com/2014/04/globalbola.html
http://goo.gl/Bv5HNP
http://www.seoedan.com/2014/04/ligadaun.html
http://goo.gl/rWpFgu
http://goo.gl/LTwuVQ
http://puanguerraagoraenoticia.blogspot.com/2014/03/abcbolacom-agen-judi...
http://lashoraslentas.blogspot.com/2014/04/ligadauncom-agen-taruhan-bola...
http://www.seoedan.com/2014/03/bisnis-online-dan-peluang-usaha-terbaik.html

I have recently started a blog, the info you provide on this site has helped me greatly. There is obviously a lot to know about this. I think he did some good things in features also. Keep working, great job! Thanks for a very interesting blog. What else can I get that kind of information written in such a perfect approach? I have a company that I"m simply now operating on, and I"ve been on the look out for such information.
http://bit.ly/1mOicKe
http://bit.ly/1lU7Jcp
http://bit.ly/1lhaJRy
http://bit.ly/1fECle4
http://bit.ly/1hBDDWX
http://bit.ly/1lTBVJ0
http://bit.ly/1fECle4
http://bit.ly/1h1Ar7y
http://bit.ly/1mKJYVs
http://bit.ly/1fECRss
http://bit.ly/1mOicKe
http://bit.ly/1rxEsaF
http://bit.ly/1nQvaEJ
http://bit.ly/1ioXuia

Thank you so much for sharing this great blog.Very inspiring and helpful too.
utah seo

This is a good post! Well done and I believe it will be better in future..
BUNDA.COM AGEN TEXAS DAN DOMINO ONLINE INDONESIA TERPERCAYA |
BENGKEL LAS"

thanks for sharing ur information very good, i hope can reading ur blogs tomorrow resep masakan

information that is very unique and so interesting to read harga samsung galaxy s4

Greetings your blog is the best and I'll be visiting back here harga samsung galaxy

I just read your blog and get the information which searching everywhere. Now it’s become on my top preference of reading for acquiring the updates without hassle.
srirambusinessschool.org |

A good informative post that you have shared and appreciate your work for sharing the information.
www.sportscarhireworld.org |

Priority Action

The overuse of antibiotics on factory farms is threatening the effectiveness of lifesaving antibiotics. Call on the Food and Drug Administration to put an end to the worst practices.

Support Us

Your donation supports U.S. PIRG’s work to stand up for consumers on the issues that matter, especially when powerful interests are blocking progress.

Consumer Alerts

Join our network and stay up to date on our campaigns, get important consumer updates and take action on critical issues.