Buyer Beware 

September, 2014 - Lon Berk

You are in charge of finances for a small business and are on vacation at the beach.  Suddenly, you remember you have forgotten to pay a company bill.  All is not lost, you think.  You run to you room, grab a laptop, and bring it down to the Tiki Bar.


There, you order a drink and connect to the hotel's wireless system.  Then you call up your company's bank's Web page, click the "log-in" button, enter your password, and order a check issued to the creditor.


You sign off; finish your drink and breathe a sigh of relief, appreciating the wonders of modern technology.


A week later, you are back in the office and all is chaos.  Somehow, while you were gone, a series of transfers totaling nearly $2 million occurred from the company's account to banks in China, Indonesia, and Russia. Needless to say, the transfers have seriously hampered cash flow, and there is talk of filing for bankruptcy.


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Buyer Beware, digitaltransactions

 

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