January 18, 2006

E*Trade to reimburse customers who fall victim to online fraud

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Yesterday, E*Trade Financial has announced the launch of its E*TRADE Complete™ Protection Guarantee, providing complete fraud coverage, as well as complete bill payment protection and complete privacy protection to all customers. As part of that program, E*Trade will reportedly reimburse any customer who is the victim of fraudulent activity. Hopefully this step will encourage other competitors or even the banks to follow. If these financial institutions step up to take some of the risk of online fraud then maybe we will see more secure authentication systems implemented.

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