Experts: Hackers’ $1B bank theft still may put consumers at risk

Associated Press

WASHINGTON

The hacker gang that looted as much as $1 billion worldwide from banks was unusual: It stole directly from the banks instead of ripping off their customers.

But this was hardly a bit of Robin Hood banditry that spared innocent account holders. Security experts say consumers still need to keep a close eye on their checking and savings, as epic computer breaches such as this theft — documented in a report issued Monday — are becoming all too common.

Doug Johnson, senior vice president at the American Bankers Association, said there’s no evidence that any U.S. bank has been a victim of this particular breach. Still, the report found that some of the proceeds were deposited with banks in China and the United States.

The hacks detailed in the report, which was presented at a security conference in Cancun, Mexico, are the latest twist on data breaches that have struck not just banks but the health insurer Anthem and major retailers such as Target and Home Depot. And just like those thefts, experts say there are simple protections that consumers can take.

Most American bank customers are insured against theft by the Federal Deposit Insurance Corp. The insurance applies to any sum up to $250,000 in checking, a savings account or a certificate of deposit at a U.S. bank.

Still, more people have become vigilant about monitoring their transactions and responding to alerts from their banks if a charge or withdrawal appears to be suspicious.

There are other simple ways that individuals can guard their financial data, said Stu Sjouwerman, founder of the data-security firm KnowBe4.

Even if it appears to be from their bank, people should never open email attachments that they didn’t request. Nor should they click on links inside emails, but instead type the name of their bank into the Web browser address bar. And they should provide a Social Security number or account information only over the phone on calls that they initiated.