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What's Wrong With This Picture?
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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