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What's Wrong With This Picture?

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Somebody creates a web site that allows you to enter checking account information and withdraw money from that checking account. The web site does not attempt to determine the identity of the users. Let's repeat, for the slow: If you've got a blank check from anybody's checking account, you can withdraw money from their account. Sounds like a great business model!

This is really part of a much larger problem that banking is going to continue to have (disclaimer: I have worked with the Federal Reserve before). As the internet decreases barriers to money flowing around, fraud is going to get much worse, not better. MSNBC has the story here.
If you would like to fix this horrible condition, send your personal information to me, Daniel Markham. I am moving to Nigeria -- my uncle has just perished in a car wreck and it turns out there is a lot of money coming my way.

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This page contains a single entry by DanielBMarkham published on July 14, 2005 1:18 AM.

Principle behind MAT Catching On was the previous entry in this blog.

Shuttle Manages To Not Fly Again is the next entry in this blog.

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Recently I created a list of books that hackers recommend to each other -- what are the books super hackers use to help guide them form their own startups and make millions? hn-books might be a site you'd like to check out.
On the low-end of the spectrum, I realized that a lot of people have problems logging into Facebook, of all things. So I created a micro-site to help folks learn how to log-in correctly, and to share various funny pictures and such that folks might like to share with their friends. It's called (appropriately enough) facebook login help