The chief executive officer of a payment processing company will be banned from the business as part of a settlement resolving Federal Trade Commission charges that the company illegally debited millions of dollars in bogus charges from consumers’ bank accounts. In 2007, the FTC charged the executive, Tarzenea Dixon, her company, and others with processing…
Category: Financial Sector
19 more financial sector breaches from 2009
Maryland has updated its web site to provide breach notifications that it has received since its last update. The newly posted notifications are for the period ending December 31, 2009, so there will likely be more to come for 2010. Some of the breaches described in the notifications were reported in the media at the…
Recommended: The Curious Case of EMI v. Comerica
David Navetta writes: Security breaches in the online banking world continue to yield interesting lawsuits (you can read about three others in this post). The latest online banking lawsuit filed by Experi-Metal Inc. (“EMI”) against Comerica (the “EMI Lawsuit”) provides some new wrinkles that could further illuminate the boundaries of “reasonable security” under the law….
Citi Apologizes for Envelope Gaffe
Darryl R. Isherwood reports: About 600,000 Citigroup customers got a shock earlier this month when they received their annual tax documents – with their Social Security numbers printed on the outside of the envelope. A Citi spokesman blamed a processing error for the glitch and said it has already been fixed. […] “The digits were…
UK: Bradford branch worker part of theft plot
Michael Black reports: A Bradford bank worker has been jailed for his part in a plot to steal more than £1 million from account holders. Barclays personal banker Chikezie Emeruem, who worked at Bradford city centre branch of the bank, schemed with cashiers Mohamed Iqbal and Tommy Jackman at the Sloane Square branch of Barclays…
Ca: Private bank information discarded (updated)
Sensitive documents containing personal banking information were recently discovered in a Campbell River recycling depot by a Nanaimo man. The documents were found at the Vancouver Island Recycling Centre earlier this month and the discovery raises questions about the proper disposal of sensitive information by financial institutions. A multi-coloured plastic ribbon, stretching about 15 metres…