X.com, a Palo Alto, California-based online bank, recently allowed customers who were setting up new accounts to specify the account number from which funds were being transferred. Unfortunately, X.com did not verify whether the person who was setting up the account had the right to transfer those funds.
Is this a true bank? or is it just called x.com to protect the bank from negativity and from losing current and potential customers??
I have the same concerns about this online banking fiasco. I learnt that my bank had signed me up without my consent and had therefore strewn all my details around the world for anyone with knowledge to access all my information. I believe this to be a violation of my data encryption rights for one and believe it to be against one of the fundamental laws of banking set out by their governing bodies.
If anyone has any information regarding this topic I would be very interested.
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Online Banking Fraud Raises More Security Concerns
Posted by: Paul A. Greenberg and Stephen Caswell February 1, 2000 12:00 AMX.com, a Palo Alto, California-based online bank, recently allowed customers who were setting up new accounts to specify the account number from which funds were being transferred. Unfortunately, X.com did not verify whether the person who was setting up the account had the right to transfer those funds.
If anyone has any information regarding this topic I would be very interested.