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Non-Tech : E.Schwab problems

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To: tom pope who wrote (1194)	2/22/2006 12:05:27 PM
From: keokalani'nui	of 1401

Schwab to insure against account losses E-mail \| Print \| \| Disable live quotes By Lisa Sanders, MarketWatch Last Update: 11:29 AM ET Feb 22, 2006 NEW YORK (MarketWatch) -- Charles Schwab Corp. responded to investors' concerns about theft in their online brokerage accounts by announcing Wednesday it would cover 100% of losses stemming from unauthorized activity. Schwab (SCHW : Charles Schwab & Co., Inc. said it has historically insured against those types of losses, but with the announcement Wednesday the practice turned into "a public promise." Schwab's move comes at a critical time for the industry. Incidences of hacking into online brokerage accounts are growing. See full story. According to data gathered by MarketWatch, around half of Schwab's 7 million clients do business with the company online. E-Trade has 3.6 million of online accounts throughout the world. Ameritrade (AMTD : and Fidelity Investments are also popular destinations for online transactions. "Given rising public concerns over identity theft and cyber-fraud, we think adding a clear and simple guarantee will contribute to even greater peace of mind for our clients," said Charles Schwab, founder and CEO, in a statement. On Jan. 17, E-Trade (ET : e trade financial launched a program to provide fraud coverage for clients who may have lost money or securities in their accounts because of theft.

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