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January 18, 2006

E-trade launches fraud protection program

With the growing threat of identity theft and phishing attacks, US online brokerage firm E-Trade Financial is looking to reassure its customers by pledging to fully reimburse any customer who falls victim to fraudulent activity.

By CBR Staff Writer

Upon the recent launch of E-Trade Complete Protection Guarantee, the firm is promising complete fraud coverage, including complete bill payment and privacy protection, to all customers.

E-Trade says its Complete Protection Guarantee extends the company’s stringent physical, electronic and procedural safeguards to further protect customers in the event of online theft committed via unauthorized access to a customer’s investing, cash management or lending account.

The company explained that the vast majority of online identity theft and fraud perpetrated against consumers occurs through unauthorized access to personal computers, primarily when consumers fail to secure their computers with anti-virus software, firewalls and anti-spyware.

R Jarrett Lilien, president and chief operating officer of E-Trade, said, E-Trade Financial’s systems are secure, safe and reliable. But the reality is that today’s consumers do not always take the necessary measures to ensure their home PCs are adequately protected. Consumers must be confident that their funds are secure online, in all circumstances. The E-Trade Complete Protection Guarantee is E-Trade Financial’s commitment to stand by any customer who is victimized by criminal activity.

The news is expected to be welcomed by brokerage customers who aren’t offered the coverage guaranteed to banking customers under Federal Deposit Insurance Corporation and Regulation E rules.

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