On Tue, Apr 8 1997, Robert Hettinga wrote-

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X-Sender: oldbear@pop.tiac.net Date: Tue, 08 Apr 1997 17:58:51 -0400 To: Digital Commerce Society of Boston <dcsb@ai.mit.edu> From: The Old Bear <oldbear@arctos.com> Subject: congressman wants review of online banking system Mime-Version: 1.0 Sender: bounce-dcsb@ai.mit.edu Precedence: bulk Reply-To: The Old Bear <oldbear@arctos.com>

CONGRESSMAN CALLS FOR REVIEW OF ONLINE BANKING

House Banking Committee Chairman James Leach (R-Iowa) has asked the General Accounting Office to review whether the Federal Reserve has sufficiently protected its Fedwire funds transfer and security transfer system from electronic trespassing.

Fedwire processes around 380,000 securities and funds transfers totaling $1.6 trillion each day.

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source: BNA Daily Report for Executives April 7, 1997

I bet a crack team of encryption experts from the cypherpunks list could make a pretty penny by exploiting holes in Fedwire or related systems.