E*Trade Offers to Reimburse Any Victims of Online Fraud
Eric Dash writes in The New York Times:
E*Trade Financial said yesterday that it would fully reimburse any customer who is the victim of fraudulent activity - the first online brokerage company to offer the kind of protection that users of credit and debit cards receive.
While the announcement may be more of a sales pitch than a security protection given the token amounts of money lost to fraud, it may encourage E*Trade's competitors like Ameritrade and Charles Schwab to follow suit. The new policy is a major shift for the online brokerage industry, which typically puts the onus of security on the investor.