A lawsuit over the theft of contact information for more than 6 million TD Ameritrade customers has been ordered into mediation, so the search for a satisfactory settlement will continue. Last fall, U.S. District Judge Vaughn Walker in San Francisco rejected a proposed settlement last fall that offered anti-spam software and a promise of tighter…
Category: Financial Sector
Rash of identity thefts hits Valley
David Bolling reports: A wave of identity theft has struck Sonoma with numerous local citizens falling victim to fraudulent bank charges. In the past week alone, at least nine Sonoma residents reported fraudulent charges billed to their bank accounts through bank card transactions they did not make. The charges were global in scope, occurring in…
New fraud reports linked to Heartland breach
Ann Butler reports: As many as 5,000 First National Bank of Durango customers may find they are unable to make purchases with their debit cards after a number of fraudulent transactions. “We’re trying to get ahead of this,” said Moni Grushkin, a senior vice president at the bank. “We want to minimize losses and protect…
Payment Processing CEO Banned from the Business; Company Illegally Debited Millions from Consumers’ Bank Accounts
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…
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….