FRAMINGHAM (01/28/2000) - E-Bank Security Break-in cites Policy, a Palo Alto, Calif.-based online banking service, acknowledged Friday that customers were able to transfer funds from any U.S. bank account and then withdraw money with only the account and bank routing numbers, which appear on checks. The company says at least one person tried to beat the system by entering other people's account information, but no money was stolen. While says it now requires users to send in a voided check and a card verifying their signature, critics allege additional accounts were compromised.

U.S. Ups Tech Funds

The White House budget for the next fiscal year calls for a $227 million, 84% increase in government investment in nanotechnology research and development.

That would raise total spending from $270 million to $497 million.

Nanotechnology involves the development of things like semiconductors at a molecular level of about a billionth of a meter - extraordinarily tiny sizes.

Most of the new funding would go to university-based research.

Wall Street Execs Move Up

The Chase Manhattan Bank last week named former CIO Denis O'Leary, 43, to oversee the day-to-day operations of At Merrill Lynch, John McKinley, 42, senior vice president and chief technology officer, has been promoted to executive vice president. Meanwhile, Peter Cherasia has been named Bear, Stearns & Co.'s CIO and director of its new e-commerce division.

Win 2K Security Patch

Microsoft Corp. last week released the first security patch for its Windows 2000 operating system which is still weeks away from its official release. The patch corrects two problems in the Microsoft Index Server, a file search engine included in Windows 2000. The bugs allow an intruder to view files on a Web server and reveal the location of Web directories on the server.

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