Possible Etrade Fraud

I feel your pain. I was hit in much the same way a couple of weeks ago.. I got a call from Etrade a couple of weeks ago stating there was suspicious activity on my account. A few days later I was checking in on my Etrade account and noticed I could not see my cash/brokerage account. When I called Etrade they said the account had been frozen and I needed to talk with a specialist.

The specialist called me the next day, said pretty much the same thing check your work and home computer for any viruses, spy ware, etc.. Nothing was found on either computer.. He said he needed to talk to their risk department and would call me back when I would then be given access back to my account..

He called me back Friday the 24th and gave me a new password to get into my account. I can see my cash/brokerage account but it was short 8grand. He said there was a ACH Withdrawl for the 8grand and asked me if I had a Bank of America account, well I don't.. He told me that with this type of situation the money usually takes 4-5 days to show up back into the account, he said it should be back today the 28th. I have yet to see my money, and have since called him a couple of times and left a few messages.. I guess I'll have to wait and see what happens..
 
I saw brewmiester posting and it looks like its the work of the same person. Its exactly the same scenario (to the last detail) which I am going through.

The Etrade representative also mentioned something about money being transferred to some Bank Of America account. I am also waiting to hear from their so called risk department.

brewmiester, please keep me posted if you hear from Etrade. I'll do the same.
Good luck.
 
A friend of mine pointed me to some material I thought the rest of you folks on this thread would like to see..

Both of these came from the Etrade website..

The first link says “100% fraud protection”.

Under “Your responsibilities” it says that you have to notify them within 60 days.

On the second link search for “45”. It falls under “error procedures” and says that they may take up to 45 days to investigate a claim, but will credit your account within 10 business days while they are doing it.


https://us.etrade.com/e/t/bank/guarantee?#responsibilities


https://us.etrade.com/e/t/estation/...ail=disable&_skinnertab=bank#error_resolution

I hope this info is helpful..
 
thanks for pointing out the 2 links on Etrade's website regarding fraud protection. Somewhere on the agreement, it says if you notify them within 2 business days, you may lose maximum of 50 dollars and beyond two days you may lose 500 dollars.

Now in our case, Etrade froze the account as soon as THEY suspected unsual activity. They never indicated about unauthorized fund withdrawal. I could not even access my account for more than 5 days.

Once I was able to log in, that's when I found out about the cash transfer and notified Etrade, which was almost 7 days after the withdrawal happened.

As of now, my account is still frozen and nobody from Etrade has called me.
 
yma,

have you tried calling Etrade to get a specialist assigned to your case/account. When my account was frozen a specialist was assigned to my case and I was not given access back to my account until I spoke with this person and they then cleared it by their risk management team..

I was told today it may take another 1 - 2 weeks before the funds will be available in my account, he is trying to track this down for me so he can give me a more definitive answer.. The guy I am working with said they recalled the funds and are working on getting them back for me. He mentioned there is a bunch of paperwork and procedures that need to be followed, which is why it is taking so long..

If you have not done so already, I would call Etrade back to see what you can do about getting someone assigned to your case/account..
 
Sounds like Etrade should spend less money on those "Master of Your Domain" ads and spend more on IT security and check out their own domain.
 
Quote from yma:

thanks for pointing out the 2 links on Etrade's website regarding fraud protection. Somewhere on the agreement, it says if you notify them within 2 business days, you may lose maximum of 50 dollars and beyond two days you may lose 500 dollars.

Now in our case, Etrade froze the account as soon as THEY suspected unsual activity. They never indicated about unauthorized fund withdrawal. I could not even access my account for more than 5 days.

Once I was able to log in, that's when I found out about the cash transfer and notified Etrade, which was almost 7 days after the withdrawal happened.

As of now, my account is still frozen and nobody from Etrade has called me.
More...

I am in the same situation. These clowns at etrade never put teh unathorized amount back into my account as it sais under that clause in the link. They just closed my account and said that I am responsible for the loss and that if I have a problem, it will go to arbitration. And it will. With all the people with the same problem, too bad we signed a document saying that each case has to be individual and not a class action.


Anybody with an Etrade account, i would highly suggest closing your account.
 
http://www.jobsinthemoney.com/guest/viewjob.cfm?JobsID=200496

Job Description

· ETRADE Financial Fraud Director will be responsible for managing, directing and developing fraud detection, prevention, and controls for all transactions, whether they be physical, non-electronic and/or internet/web-based.

Maybe once this position gets filled everything will be ok, LOL :D ?


I think everyone in this thread who has had money stolen from their etrade account needs to collect their stories into one coherent summary and submit them to internet news agencies. Start with drudge, move up the food chain. If any of the big news orgs pick up the story I'd bet dollars to donuts that ETrade will suddenly decide to do the right thing.
 
I would put a link to this forum on some of the misc.invest.* News Groups. Use Google.com and click Groups and then enter misc.invest The misc.invest.stock is a relatively active forum.

Sounds to me like ET knew they had a problem.

One family member has an 85k MM ETbank account that maybe should be moved to some other OL bank.
 
Quote from tradingbug:

I would like to share my situation with people who are more aware of the rules and regulations. I have an online account in etrade that I have been with for a couple years. 3 weeks ago, while i was on vacation, I got an etrade phone call saying they had closed my account due to suspicious activity. I inquired about the activity and they said they could not divulge info. They suggested cleaning out my comp for spyware and resetting my login password. I said I would not be able to for another few weeks as I was on vacation.

fast forward 2 weeks.......zip

I returned from vacation, reset my comp and looked into my account. Someone had broken into my account and taken 4 grand from it. E-trade is trying to tell me that I am responsible for the loss. I told them that this is fraud and any bank should protect their customers from fraud and security breaches. I also said that they knew what was going on if they closed my account automatically since they suspected something fishy was going on with my sccount. Why didnt they cancel the transfer of 4 grand since they were smart enough to close my account due to suspicious activity. It is obvious they knew their was a security breach. Another question I asked was how many other people had the same security breach and had money taken from them. They responded that they are not allowed to give out that kind of info.

Please let me know what is the best course of action or at least what I am responsible for and what I am not responsible for. Doesnt the FPIC insure up to 100 g for fruad?

Thanks in advance
More...

this is regrettable....

it is good that they noticed something and contacted you...

when using public wireless networks, remember that the transmission of data to and from their server remains unencrypted and subject to sniffers and hackers poaching upon the unweary.

this equally applies to doing or accessing any pswd protected (including banking) accounts in such an open environment
 
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