From: Sean Roach <roach_s@alph.swosu.edu>
Date: Sun, 19 Jan 1997 22:11:02 -0800 (PST)
To: cypherpunks@toad.com
Subject: Re: Newt's phone calls
Message-ID: <199701200611.WAA01690@toad.com>
MIME-Version: 1.0
Content-Type: text/plain


At 03:44 PM 1/17/97 -0600, Igor Chudov wrote:

>It is my understanding that an ordinary banking consumer that
>uses "pay bills by phone" service cannot transfer $$ to any arbitrary
>account. There is a limited list of permitted accounts, such as utility 
>companies. Therefore, the risk of unauthorized transfer is very
>limited.


It is limited, both accounts have to have the same password, (four
character, numeric.)  If I want to transfer funds from another persons
account to one that I control, all I have to do is change the password on
one of them to that of the other, transfer funds, and change the password
back.  By the time that my victim found out, (via the little letter "per
your request, $xxx was transferred to accnt#123456 from accnt#7890"), I
would be long gone.