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emad Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Mar-11-05 09:18 AM
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Banking body lists security breaches amid data fears
FT
By Holly Yeager in Washington
Published: March 11 2005 00:38 | Last updated: March 11 2005 00:47

Amid growing concern about identity theft, a US banking regulator on Thursday detailed several instances of security breaches at banks and previewed new guidelines on when banks must tell the customers about such lapses.


Amy Friend, assistant chief counsel at the Office of the Comptroller of the Currency, said that in one instance, the agency directed a large bank to improve its employee screening policies after determining that the bank had inadvertently permitted a convicted felon, who engaged in identity theft-related crimes to become an employee.

In another, the OCC required a bank to notify its customers after finding that a third party had improperly disposed of hundreds of customer loan files, Ms Friend told the Senate banking committee.

The panel hearing was called after several high-profile cases drew attention to the safety of personal data. ChoicePoint, a data collection company, revealed last month that criminals had gained access to the Social Security numbers, addresses and other personal data of about 145,000 people.
http://news.ft.com/cms/s/dfc5e0ac-91c4-11d9-8a7a-00000e...
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Tandalayo_Scheisskopf Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Mar-11-05 09:33 AM
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1. It is becoming apparent...
That this industry has is terribly broken and has been so for quite a while. Right now, they are in the denial/obscuration phase. Many seem to have gone for the big bucks, and thrown open access to sensitive data to anyone who could buy into their services.

You can bet there will be more to come and that it is a lot worse than we know yet.

I would say it is close to time to severely curtail the activities and offered services of these companies. I mean severely, too.

All this is another gift from the Financial Services Deregulation that passed in the 90s. Just like your insurance rates.

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