[ISN] The May Report: 05/14/2001: Electronic banking security problems at Bank One? (fwd)

From: William Knowles (wkat_private)
Date: Mon May 14 2001 - 12:52:36 PDT

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    ---------- Forwarded message ----------
    Date: Mon, 14 May 2001 13:17:30 -0500
    From: Claire Dolinar <claireat_private>
    Reply-To: owner-mayreportat_private
    To: mayreportat_private
    Subject: The May Report: 05/14/2001: Electronic banking security  problems
        at Bank One?; an insider's view of Eppraisals
    May 14, 2001
    The May Report
    Your inside source on Chicago's high tech community
    The May Report: 05/14/2001: Electronic banking security problems at Bank 
    One?; an insider's view of Eppraisals
    Ron May: editor, reporter, commentator, and publisher.
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    Briefly noted, by Ron May
    * I got two calls on Friday night, one of which deals with a local
    Internet/software company and the problems they may be having. I
    proceeded to spend a great deal of time investigating the story over
    the weekend, and here I am, Monday at lunchtime, asking myself "What's
    the story here?" I have gathered a great deal of information, but it's
    not clear to me that there's anything out of the ordinary in terms of
    a story that has value. If for no other reason than I have already
    gathered a great deal of information, I will provide you with a brief
    outline of it, but not today.  One general comment that I can make is
    that in the relationship between service vendors and Internet
    companies both sides have a responsibility to be proactive about where
    things stand in the relationship. The trouble starts when you let six
    or seven months go by before you get aggressive about collecting a
    bill or meeting with the client.
    The second call I got was about a problem that, if verified, could be
    a big story. The person who called me owns a small tax business,
    similar to H&R Block. He told me that one of his clients was using the
    new electronic banking system provided by Bank One, and apparently it
    still may have some bugs in it. From what I understand, someone was
    able to break into this client's bank account and submit an electronic
    check for payment which was large enough to wipe out the account but
    not so large as to cause an overdraft. When this person reported the
    problem to Bank One, she was told that she was the third person that
    day who had run into this difficulty.  This happened about a week ago.
    Does anyone know any more about the subject, because I think that this
    could potentially be a big story.
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