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Posted: 6:00 a.m. Tuesday, Oct. 2, 2012

Bank customers hampered by cyberattacks

Paper statements help prove your balance in event of catastrophic attack


Another day, another report about major security breaches!

Customers of Bank of America, JPMorgan Chase, Citigroup, U.S. Bank, Wells Fargo, and PNC found their online banking access foiled recently by cyberattacks originating from the Middle East.

Corporate security professionals have long said that smaller organizations are typically easier targets for criminals. It's usually the small guys who don't have enough resources to shut out the hackers. But this latest series of breaches really highlight the vulnerabilities among even the biggest companies in the world.

These particular attacks also targeted credit card companies and stock market exchanges. As you might expect, they were done in protest to that YouTube video attacking Prophet Muhammad that caused so much resentment in the Middle East.

So what can you do? I have one key recommendation.

If you think about all the companies you do business with, they all try to get you to turn off paper statements. If you've done so, I want you to turn that around and go back to getting statements in the mail.

With a paper statement in hand, it's easier to prove that you had the money in the first place in the event funds go missing. If you are set up for electronic info only, well, that's going to hurt. So the best precaution I can give is for you to go back to getting the paper.

If it will cost you to go to paper statements, the workaround is simple. When you get that email with your statement, just print out your statement each month and file it away as a hard copy.

I know it sounds like I'm trying to take you back to 1995. But I am! You have to be prepared not to rely exclusively on electronic methods. If electronic methods have a nervous breakdown, you need to be prepared to protect yourself. And the best way to prove what funds you had on deposit in the event of a catastrophic data breach is with hard copy paper statements.

 
 

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