Gene Valicenti has an update on the VALIC databreach reported previously on this blog. The breach generated a number of questions, including why it took so long for the life insurance and retirement plan firm to figure out what happened and why it took so long for them to determine who needed to be notified after they learned a former employee had copied customer data and took it with him when he left in 2007. As of the last update to this incident, VALIC had disclosed that they would be notifying over 770,000 customers, some of whom have only recently received their notification letters.
Valicenti reports that so far, the company has only one report of personal information of a customer having been misused with financial impact. The employee has entered a guilty plea on one count of mail fraud and one count of Social Security number fraud. According to a statement VALIC provided to WPRO, he is currently under house arrest pending a sentencing hearing.
Read Valicenti’s report on WPRO.
Just received this notice today in the mail. Wasn’t happy with the results I was given, nor do I no longer have faith in VALIC….especially now since the AIG mess. Does anybody know of what action I can take…ie would it be possible to withdraw my funds from a 403b….due to the lack of trust and overall wrought of worry of my credit and identity? Throwing this out before inquiring legal counsel on Monday morning.
I would like Valic to provide lifetime identity protection. One year is inadequate.
I agree. Lifetime identity protection. This was known since 2007 and I received a notice last Friday! Had no idea this was going on. My current financial advisor should have informed me and his other clients.
I just received a notice today, May 3, 2014, Eight YEARS after the fact! Ridiculous!