Matthew Goldstein and Nicole Perlroth report: When it comes to defending a large company against an online attack, sometimes luck and timing can mean as much as spending hundreds of millions of dollars a year on computer security. The broad attack this summer on JPMorgan Chase, which compromised information for 76 million households and seven…
Category: Financial Sector
Former federal IT contractor sentenced for disabling Fannie Mae website after his employment terminated
On October 10, the Office of the Special Inspector General for the Troubled Asset Relief Program (SIGTARP) today announced that Sathish Kumar Chandhun Rajendran, 36, of Sterling, Va., was sentenced on October 3, 2014, for engaging in unauthorized access to government servers that hosted a Fannie Mae website used to support federal mortgage loan modification…
Quebec court rules in lost personal data case: no fraud, no theft, no class action
Prachi Shah of Clyde & Co. provides an update on litigation stemming from a lost device case previously noted on this blog: Paul Sofio v. OCRCVM (IIROC), 2014 QCCS 4061 (under appeal) – The Quebec Superior Court refuses to authorize a class action where the loss of personal data did not result in fraud or identity…
Capital One notifies customers that rogue employee accessed their information
As Attorney General Kamala Harris’s annual data breach report noted, some breach notifications are written on a level that exceeds the average consumer’s reading level. Here’s one from Capital One that’s in a bit more plain English: We’re writing to let you know that your personal information may have been compromised. A former employee, while still…
28 Charged, $2 Million Potentially Stolen in Minn. ID Theft Ring
Stephen Tellier reports: Two bank employees, a meat salesman going door to door, and Instagram. Investigators say those were the keys to the largest and most sophisticated identity theft ring in Minnesota. And on Tuesday, officials announced it’s been busted. Investigators say the alleged operation went on for at least six years, at least 28…
Accokeek Fraudster Sentenced To Over 7 Years In Prison For Using Stolen Bank Account Information While In Prison To Buy Cars And Other Items
U.S. District Judge Paul W. Grimm sentenced Lamonte X. Smith, age 30, of Accokeek, Maryland, to 92 months in prison followed by six years of supervised release for conspiring to commit wire fraud and aggravated identity theft arising from a scheme in which, while he was incarcerated, he obtained access device account information of others…