Los Angeles Times: If hackers drain a personal account, the bank usually must cover most of the loss. But commercial deposits get no such protection. … Just ask Fan Bao of Los Angeles. … Bao, who runs a small import-export business, had $50,000 stolen from his bank account by computer hackers in Croatia. Bank of America has refused to reimburse him, saying the loss was his problem, not the bank’s. … Had the money been stolen out of a personal account, the bank’s response would have been dramatically different. Federal law would have required the bank to reimburse Bao. … But, unbeknown to many, business and personal accounts are governed by completely different rules. Those rules protect individuals from online hacking but can leave small-business owners to twist in the wind. … Normally that would merely be worrisome. But it’s far more frightening now because technology and law enforcement experts believe there is a huge wave growing of sophisticated criminal enterprises that target small-business bank accounts.
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