John Oates reports: Zurich Insurance must pay an enormous £2.3m fine for losing thousands of British people’s personal data. The fine was imposed not by the Information Commissioner’s Office but by the Financial Services Authority. Zurich Insurance lost 46,000 customer records including some bank details when a tape back-up went missing between two sites in…
Category: Financial Sector
Judge approves Countrywide Financial ID theft settlement
A federal judge on Monday granted final approval to a settlement between Countrywide Financial Corp. and millions of customers left at high risk for identity theft because of a security breach. The breach and terms of the settlement have been previously covered on this site and in PogoWasRight.org’s archives, but the Associated Press story provides…
Former Wachovia employee in Atlanta gets prison for bank fraud
Atlanta Business Chronicle provides a follow-up on a case previously covered on this site. A former Wachovia Bank employee from Hampton, Ga., was sentenced Monday to four and half years in federal prison for bank fraud and aggravated identity theft in connection with selling customers’ bank account information and Social Security numbers while employed in…
Banks Siding Against the Customer in Fraud Cases
Naomi Wolf recounts the ugly story of her interactions with WaMu when she reported suspected fraud on her account. … I noticed eventually that checkbooks were missing from my home, and finally my accountant got enough of the records to see an unmistakable pattern of fraud, and called my attention to it. I filed a…
$9 Here, 20 Cents There and a Credit-Card Lawsuit
Randall Stross reports: It’s easier to steal a million dollars a dollar at a time than a million dollars once. So goes an old saying. If the allegations in a civil case filed in a federal court in Chicago hold up, you can even haul off $10 million if you stick to $9 here or…
EMI v. Comerica: Court Finds Commercially Reasonable Security — Bank Loses Motion for Summary Judgment
David Navetta provides a legal analysis of the court’s denial of the bank’s motion for summary judgment in the case. An odd result — we know. We previously reported on the lawsuit filed by Experi-Metal, Inc. (“EMI”) and the subsequent motion for summary judgment (and briefs) filed by Comerica Bank to have the case dismissed….