21 Million German Bank Accounts For Sale

anerva writes "Black market criminals are offering to sell details on 21 million German bank accounts for €12M ($15.3M), according to an investigative report (German; Google translation) published Saturday. In November reporters for WirtschaftsWoche (Economic Week) had a face-to-face meeting with criminals in a Hamburg hotel, according to the magazine. Posing as buyers working for a gambling business, the journalists were able to strike a price of €0.55 per record, or €12M for all the data. They were given a CD containing the 1.2 million accounts when they asked for assurances that the information they would be buying was legitimate." 21 million is three in four existing German bank accounts.

Comments

On your marks (no pun intended)

[pin0chet]

In theory, if the banking system were known to be compromised in such a huge way, and there were no way of knowing if your own bank account was compromised or not, shouldn't there be a massive bank run? Because everyone wants to withdraw their money right away to minimize the chance that this ridiculous security leak negatively affects them, right? Such a massive erosion of confidence can completely destroy a banking system.

Exactly

[tomhudson]

But an account number is not the equivalent of a direct debit card. It's not that easy to withdraw money from an account when all you have is the account number.

Every time you write a check, you're giving the recipient your bank address, bank account number ... AND a specimen of your signature. OMG! Quick - millions of people compromised their bank accounts today!

Re:Exactly

[enrevanche]

A wire transfer typically costs $25 outgoing and $12 incoming and you need to know the receiver's bank account # & routing number. I seriously doubt that it is used that much by most people.

You probably mean direct deposit/automated withdrawal. Sometimes, these can be a real pain to cancel once authorized. For a "reputable" vendor, I suppose it is OK, but using a VISA/MC debit card is a lot easier to fix.

Re:Exactly

[dropadrop]

Wire transfer does not cost anything in Europe. I have a close friend from the US living here, and can't stop wondering at how the way your banks work are so 1980...

Re:May I introduce you to rule 36?

[Jeff DeMaagd]

OK, so you're saying that government isn't going to protect us, so the answer is to demand that financial institutions be held accountable to laws passed by a government that you said won't protect us?

Re:May I introduce you to rule 36?

[Cl1mh4224rd]

The government will never shield you, only pretend to do so. This is a harbinger of dangers to come, and reason to demand with some vigor that your financial institution be held accountable by law for the protection of your information.

Bolding mine, to highlight a serious disconnect in the parent's preaching.

You're suggesting that people demand that banks be held accountable to laws enforced by the very government you said won't protect them?