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Fraud and Treasury Notes--Bonds

Posted by suellen45 (My Page) on
Mon, Jan 8, 07 at 7:35

Hello All!

I just became aware of hacking and other fraud. I have been investigating and will continue. If you own treasuries and your account is accessed by another person, YOU are responsible!! A hacker can wipe you out and my understanding is, it is just too bad!

Sue Ellen

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RE: Fraud and Treasury Notes--Bonds

What kind of hacking and fraud have you come across regarding Treasury notes, bonds and bills? I've been in the Treasury Direct (Legacy Treasury Direct now) program for quite a few years purchasing 2 year notes; however, I prefer to deal by mail directly with my regional securities retail site rather than making any on-line transactions. I'm funny that way; I won't do financial business on the computer.

It would be pretty difficult for someone other than whose name is on the securities to cash them in or take over the account etc. since they're locked in for a certain time period, interest is direct deposited, and if not renewed as they come due, the principal amount is redeemed and direct deposited. We found out first hand how difficult it can be after my Father's death attempting to transfer notes to his heir, my Mother. It was bad enough filling out the govt. forms and getting the appropriate medalion stamp from a bank that we ultimately kept his checking account open for an additional two years and let the notes redeem themselves and be direct deposited.

In truth, the Treasury is probably the most hack-proof instrument out there. But I suppose, if someone is sophisticated enough, nothing is 100% foolproof.

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