Financial Institutions Release Private Data
A review of polices at banks, mutual fund companies, and credit card companies shows that many financial institutions release confidential account information with inadequate security measures. Many financial institutions are using commonly available authenticators, such as the Social Security Number and mother�s maiden name as passwords. This article also describes the identity theft case of James Rinaldo Jackson. Jackson purchased $750,000 in jewelry using money acquired from affluent persons� bank accounts. Jackson gained access to the accounts by purchasing Social Security Numbers from information brokers and using the identifiers to access credit card and bank accounts.Concerns for ID Theft Often Are Unheeded, Washington Post, July 23, 2001.
