World Wide Web
From Dividends to Dead Cows
In a move that is certainly a sign of the times, Internet banks are appearing everywhere. These "ebanks" (or electronic banks) are yet another threat to First Chicago and other institutions of its ilk, which are already feeling the heat from mutual funds, insurance companies, and securities firms. Specifically, traditional banks are concerned that these Net banks will steal customers without the old guard realizing it until it's too late.
Internet banks have a distinct advantage that standard financial institutions want: very low overhead. This factor lets them pay extremely high rates on checking accounts and other deposits, something Citibank can't do.
There are only a few Netonly banks across the nation. New Internetonly banks are in Indianapolis and Houston and are attempting to duplicate the success of Net.B@nk in Atlanta. Moreover, startup ebanks are on the way.
One of the most prominent startups is G&L Bank, which upon opening will cater primarily to a gay/lesbian clientele. (Interestingly, the bank will start operating Oct.11¯ which coincides with National Coming Out Day.)
G&L's main aim will be to provide a comfortable environment for samesex couples to apply for loans and other transactions. So far, the institution has plans to install fullservice ATMs in cities such as New York, Atlanta, and, yes, San Francisco.
The idea of a gay Net bank certainly has its advantages. According to Jennifer Hatch, managing partner of a gayoriented brokerage house, "[g]ay people seem to feel more comfortable talking to people who understand what they are trying to accomplish." Considering that gays comprise approximately 6 10 percent of the population and are up to 2 1/2 times as likely as heterosexuals to earn $250,000 (according to Simmons Market Research), such a bank will definitely have a leg up on the competition.
According to the foreword of the site (located at www.gaysbank.com ), the LGBT community can "now join together, as never before, without relinquishing any privacy because [of] the ability to network from the safety and comfort of our private space." The site also promises that, despite banking with the institution, you will not be outed in any way, shape, or form.
The ebank also guarantees "worryfree" banking. Several of the items it offers include the standard checking and savings accounts, electronic bill payments, an ATM card, certificates of deposit, overdraft protection, and IRAs (referred to as Gray Gay Days!). Additionally, there are the benefits of being able to contact the bank 24 hours a day and not having to wait in line.
*****
Mooving on ...
Ever heard of the Cult of the Dead Cow? No, I'm not kidding; this is an actual group. More specifically, it's a hacker group that has released a program called¯and once again I'm serious¯the Back Orifice 2000 (BO2K). Fittingly enough, the Orifice is a backdoor trojan horse program. (A backdoor program hides itself inside a target host in order to let the installing user access to the system at a later time.)
Previously, BO2K only was designed for Windows 95/98. However, it now works with NT; this means that businesses could be impacted. Someone with access to the software could infiltrate a server (as in client/server) and execute commands, start silent services, share directories, and download files.
BO2K spreads primarily via email contact; thus, it has the potential to spread across the Web. Security experts advise a number of measures to prevent infection, including eschewing email attachments¯particularly from unfamiliar sources. Users are also advised to have proper security options when connected to the Net with network file sharing enabled, to set email client software security settings to high and not to accept files from Net chat systems.
Other recommended action, particularly if your server has been infected, involves deleting the server and removing its registry entry. If possible, you should back up all user data, format your hard drive, and reinstall all operating systems and software on the infected machine.
Now, let this be a lesson to you¯ back orifices have their drawbacks as well.
Contact me at gemini1@nwu.edu
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