Financial Services Industry
Industry: Email Alert RSS FeedE*Trade, Ameritrade dismiss online-account raids.(News)
Investment News, November, 2006
Byline: Brooke Southall Companies contend that the problems are industry issues SAN FRANCISCO - After disclosing millions of dollars in reimbursements made to victims of online-account raids, E*Trade Financial Corp. and TD Ameritrade Holding Corp. dismissed the problems as "industry issues.'' But industry experts say their attempt to deflect blame may be disingenuous.
"I think there's a responsibility of these firms,'' said Alois Pierker, senior analyst with Boston-based consulting firm Aite Group LLC. The two online brokers suggested that breaches to their systems were largely unavoidable, because the hackers gained access by obtaining passwords from beyond the companies' reach. For instance, E*Trade executives cited wireless...
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