Yonhap News reports that penalties imposed by financial regulators following data leaks may really hurt card issuers’ bottom lines this year: The three credit card firms hit by recent massive data leaks may lose some 100 billion won (US$93.6 million) in revenues due to a three-month business suspension ordered by the country’s financial regulator, data…
Category: Financial Sector
Zevin Asset Management notifies clients after employee who violated company policy inadvertently exposed personal and financial information
Boston-based Zevin Asset Management recently notified some clients of a breach that began in mid-September 2013. According to a letter dated February 13 signed by their President, Benjamin Lovell: In mid-September 2013, contrary to Zevin policies, a Zevin employee used an online services provider to host a document listing Zevin’s usernames and passwords for certain…
KR: Shinhan Bank allegedly snooped into accounts of politicians
Na Jeong-ju reports: Shinhan Bank may face punishment by regulators for allegedly illegally accessing hundreds of bank accounts held by its customers, including politicians, sources said Monday. The Financial Supervisory Service (FSS) is currently looking into claims by an opposition lawmaker last year that the bank accessed bank accounts held by 22 people, including 16…
Wachovia customer sues bank for failing to protect his account and then falsely fingering him to the feds
Jay Weaver of the Miami Herald has a must-read piece about what Carlos Gomez, a Wachovia Bank customer, went through after becoming a victim of ID theft by a bank employee, and how he’s suing Wachovia, which has since been taken over by Wells Fargo: Just before dawn, insistent pounding on the front door jolted…
Paragon Benefits employee pleads guilty to stealing TSYS and Kelley Mfg. employee data
Brittany Dionne reports the update to a case previously noted on this blog: The man accused of identity theft of more than 5,000 people at TSYS has pleaded guilty. Drew Johnson pleaded guilty to Unlawful Transfer and Possession or Use of a Means of Identification this morning at the federal courthouse in Columbus. The 26-year-old…
South Korea regulator reaffirms harsher measures against card firms over data leak
Yonhap News reports that in addition to some stiff penalties imposed by its financial regulator on credit card firms who suffered data leaks, the government continues to look at ways to strengthen the protection of private data: In a report to the parliament, FSC chairman Shin Je-yun said the regulator plans to suspend the card…