E*TRADE FINANCIAL today announced the launch of its E*TRADE Complete Protection Guarantee, providing complete fraud coverage, as well as complete bill payment protection and complete privacy protection to all brokerage, banking and lending customers, effective immediately.
The E*TRADE 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 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.
A study released today by Insight Express, commissioned by E*TRADE FINANCIAL, finds that 77% of Americans believe their financial institution holds primary responsibility -- or responsibility equal to the customer -- for taking security measures to protect a customer's assets.
However, many consumers do not recognize that they may be responsible for losses incurred when thieves strike. Unlike banks, brokerage accounts aren't protected by Federal Deposit Insurance Corporation and Regulation E rules, which typically ensure that consumers get their money back."
"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," said R. Jarrett Lilien, President and Chief Operating Officer, E*TRADE FINANCIAL Corporation. "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 E*TRADE Complete Protection Guarantee includes:
-- Complete Fraud Coverage: E*TRADE Securities LLC or E*TRADE Bank will cover losses arising from fraud in an E*TRADE account that results from the unauthorized use of its investing, banking or lending services equal to the amount in the account lost as a result of the unauthorized activity.
-- Complete Payment Protection: In the unlikely event that a customer's brokerage, banking or loan payment is not sent as instructed (and the situation cannot swiftly be resolved), that customer will promptly be provided with full reimbursement of any related fees, penalties or finance charges.
-- Complete Privacy Protection: E*TRADE FINANCIAL will not sell a customer's personal information to third-party marketers for any purpose.
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