What is your bank account worth?


For you, your bank account is worth every dollar you have in it plus peace of mind. But to the thief who gets your bank account information, it is worth just a little less than "face value" because there has to be some equity in it for the buyer. Many thieves who get your data aren't the same scoundrels who'll empty it. The first thief ends up with so many account numbers that they sell them off. McAfee Avert Labs found an active site where these credit card accounts are bought and sold.

On this site, a US account at Washington Mutual with an available balance of $14,400 sold for $924 which is $.06 on the dollar. (The pounds and euro values are converted to dollars for ease in comparison.) A Citibank account based in the UK with an available balance of $20,345 sold for $1,310. Again, $.06 on the dollar.

And to demonstrate an honor among thieves, when this credit card information is purchased it comes with a guarantee. If the buyer isn't able to access that account within 24 hours, a replacement account of equal value will be provided. Access to the account would be cut off if, for example, the owner notified the bank that the card was lost.

It is very important that consumers check their statements when they arrive to review the transactions in your deposit and credit accounts. If a transactions looks suspicious, check it out immediately. If any were not authorized by you, immediately notify your bank.