Home > All, Security News > Bank of America fraud continues to show the way in security

Bank of America fraud continues to show the way in security

There is a triumvirate of evil in this world: the banks, the pharmaceutical companies and the oil companies. They control the governments that control us. And they do so in the name of profit for their owners.

Yesterday, BankInfoSecurity published a story about a security breach at the Bank of America. An employee has apparently been selling personal account information to a criminal gang – enough for the criminals to open separate accounts in the customers’ names; and leading to a $10 million loss. Over the next few days the wires will be full of security experts explaining how this should never have happened if only the bank had been using this or that security product developed by the very same security experts. That’s a given – but it’s not the point I wish to make.

Some 300 BofA customers in California and other Western states have reportedly had their accounts hit, and 95 suspects linked to the breach were arrested by the Secret Service in Feb.
$10 Million Loss Highlights Risks, Sophistication of Internal Breaches

Note that. The Secret Service had enough information to make arrests three months ago.

BofA says it detected the fraud a year ago, but only recently began notifying affected customers of the breach.

Note that also. Never mind how long the fraud had been going on, the bank knew about it a year ago. And note that it has only recently begun notifying the victims.

Now note this:

“Keeping customer information secure and confidential is one of our most important responsibilities, and Bank of America sincerely apologizes for this incident, and regrets any inconvenience it may cause our customers. We work hard to prevent fraud, and our customers who experience fraud on their accounts related to this incident will be reimbursed if they report it promptly to us.”
Colleen Haggerty, Bank of America spokeswoman

What hypocrisy – throughout. If they took security seriously, it would never have happened. What hypocrisy. They took a year to notify the victims, but have the gall to offer reimbursement only “if [the victims] report it promptly to us.”

Categories: All, Security News
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