CitiFinancial loses backup tapes

[PrntRhd]

CitiFinancial loses backup computer tapes for 3.9 million customers:
http://www.msnbc.msn.com/id/8119720/

Of course they don't feel this is a danger to Citibank because most of these people already got their loans approved?!
What about the problems they just caused for the 3.9 million customers? Can you say identity theft?
The tapes are not encripted, and were simply put into boxes and shipped by United Parcel Service.
:mad:

[Whyzman]

Heads will roll on this one!

[i an not a nerd]

Wow, no encription... (I hope I spelled that correct)

[PrntRhd]

Actually about 7% of firms encript the backup tapes. The issue is the difference with how these financial firms handle cash vs your data:
Cash, armored cars, armed guards, and multiple employees watching each other making certain nothing is pilfered.
Data, apparently no controls at all.

[Paleo Pete]

encription... (I hope I spelled that correct)

encryption.

[tommy]

They said they will start encrypting such tapes starting in July. That's really closing the barn door after the horse has left. One should expect ANY reputable financial institution to encrypt such data but I doubt many do. I hope they will now see the light!!!

[jlreich]

What kills me is they say there is no reason to think that the personal data is being used in a negative way. :eek:

Umm, it's missing! What reason is there to think it's not being used in a negative way. :confused:

[PrntRhd]

CitiFinancial says it is no problem because they know who the 3.9 million customers are and will make them prove their identity if they ask for another loan.
Very good Ollie!

[tommy]

What kills me is they say there is no reason to think that the personal data is being used in a negative way.

Umm, it's missing! What reason is there to think it's not being used in a negative way.

Probably because they haven't been sued --- yet.