An unfortunate and largely self-imposed hack of his eBay (NASDAQ:EBAY) account gave Fool contributor Tim Beyers an up-close look at how the auctioneer deals with breaches. He shares his findings in the following video.
In this case, Tim says a hacker cracked his overly simple seven-letter password and immediately changed his address and contact information. eBay quickly detected fraud in the buying spree that followed and canceled each of the related transactions. But the case wasn't closed.
Efforts to change his password and contact details proved elusive, even after getting a rep on the phone, Tim says. That the process took so long bodes poorly. After all, good security is only half the equation when it comes to carving out a larger-than-average slice of the growing e-commerce pie. Online sales could eclipse $1.6 billion on Black Friday alone, according to a new forecast from Adobe.
Should investors be concerned? Tim answers this question and more in the video. Please watch now and then leave a comment to let us know what you think.