James Walsh reports: Jason Alan Tauer worked for Ameriquest Mortgage Company as a mortgage associate for only six weeks. Turned out to be a pretty fruitful month and a half for Tauer — and a pretty costly one to nearly 100 people and several financial institutions. Using personal information he lifted from the mortgage applications…
Category: Financial Sector
Telemarketers and Five Banks Are in Cahoots, Class Claims
Barbara Leonard reports: Five national banks helped “unscrupulous telemarketers” launder millions of dollars they swiped from consumers, a class action claims in Philadelphia Federal Court. The class sued three processing companies – NetDeposit, MP Technologies dba Modern Payments and Teledraft – and five banks: Zions First National Bank of Utah, Wells Fargo, Wachovia, National Penn…
Indonesian Police Intensifying Efforts To Investigate ATM Scams
The Indonesian police are working closely with banks to protect customers and investigate this week’s reports of ATM break-in cases which may cause national banks to lose about Rp5 billion (RM1.8 million), Indonesia’s Antara news agency reported. “The Criminal Investigation Department (Bareskrim) of the National Police has sent telegrams to all regional police chief detectives…
Heartland lawsuit plaintiffs go after acquiring banks’ deep pockets
The $60 million settlement offer announced by Visa and Heartland Payment Systems seems in jeopardy of falling apart as lawyers for some of the banks file a new lawsuit against Heartland’s acquiring banks and urge rejection of the settlement offer. Jaikumar Vijayan follows-up on the press release issued yesterday by lawyers for financial institutions suing…
Proposed VISA/Heartland Data Breach Settlement May Pay Banks and Credit Unions Pennies on the Dollar – plaintiffs
According to Interim Co-Lead Counsel in the Class Action Lawsuit in Houston Federal Court: Banks and credit unions that issued VISA payment cards compromised by the Heartland Payment Systems data breach, the largest data breach in history, should carefully review the proposed settlement between Heartland and VISA. The proposed settlement has many weaknesses: (1) it…
Mortgage Broker Who Dumped Consumer Records Settles FTC Charges
A mortgage broker who discarded consumers’ personal financial records in a publicly- accessible dumpster paid a $35,000 civil penalty to settle Federal Trade Commission charges. According to an FTC complaint filed in December 2008, the defendant improperly disposed of about 40 boxes of sensitive consumer records collected by companies he had owned, including tax returns,…