NEW YORK, Jan. 17 /PRNewswire-FirstCall/ -- E*TRADE FINANCIAL Corporation
(NYSE: ET) today announced the launch of its E*TRADE Complete(TM) Protection
Guarantee, providing complete fraud coverage, as well as complete bill payment
protection and complete privacy protection to all 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. A report published by industry research
firm Gartner, Inc. notes, "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."(1)
"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.(2)
-- 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.
More information about the E*TRADE Complete Protection Guarantee can be
found at http://www.etrade.com/privacy.
E*TRADE FINANCIAL recognizes that comprehensive protection is important
to financial consumers and is helping to lead the way by providing Digital
Security ID (two-factor authentication), real-time account validation,
anti-fraud/theft monitoring, unique confirmation numbers for all wire and ACH
transfers, and discounted security software for customers' PCs. Details of
the company's security initiatives can be found at
http://www.etrade.com/onlinesecurity.
About E*TRADE FINANCIAL
The E*TRADE FINANCIAL family of companies provides financial services
including trading, investing, banking and lending for retail and institutional
customers. Securities products and services are offered by E*TRADE Securities
LLC (Member NASD/SIPC). Bank and lending products and services are offered by
E*TRADE Bank, a Federal savings bank, Member FDIC, or its subsidiaries.
Important Notices
E*TRADE FINANCIAL and the E*TRADE FINANCIAL logo are registered trademarks
or trademarks of E*TRADE FINANCIAL Corporation. The statements contained in
this news release that are forward-looking are based on current expectations
that are subject to a number of uncertainties and risks, and actual results
may differ materially. The uncertainties and risks include, but are not
limited to, changes in market activity, anticipated increases in the rate of
new customer acquisition, the conversion of new visitors to the site to
customers, the activity of customers and assets held at the institution,
seasonality, the development and enhancement of products and services,
competitive pressures (including price competition), system failures, economic
and political conditions, changes in consumer behavior and the introduction of
competing products having technological and/or other advantages. Further
information about these risks and uncertainties can be found in the
information included in the annual reports previously filed by E*TRADE Group,
Inc. or E*TRADE FINANCIAL Corporation with the SEC on Form 10-K (including
information under the caption "Risk Factors") and quarterly reports on Form
10-Q.
(1) E*TRADE Tokens Target Customer Need for Strong Authentication,
Gartner, March 2005
(2) E*TRADE expects customers to act in a reasonable manner, taking care
to maintain the confidentiality of user names and passwords, and providing
timely notification of any unauthorized activity.
E*TRADE FINANCIAL Media Contact
Pam Erickson
E*TRADE FINANCIAL Corporation
617-296-6080
pam.erickson@etrade.com
E*TRADE FINANCIAL Investor Relations Contact
Adam Townsend
E*TRADE FINANCIAL Corporation
703-236-8719
adam.townsend@etrade.com
SOURCE E*TRADE FINANCIAL Corporation
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Related links:
http://www.etrade.com
CONTACT:
media, Pam Erickson, +1-617-296-6080, or
pam.erickson@etrade.com, or investors, Adam Townsend,
+1-703-236-8719, or adam.townsend@etrade.com, both of E*TRADE
FINANCIAL Corporation
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