IF UNAUTHORIZED INDIVIDUALS OBTAIN SENSITIVE CUSTOMER ACCOUNT INFORMATION UNDER FALSE PRETENSES FROM A FINANCIAL INSTITUTION, IT'S A DATA BREACH.
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| Wells Fargo Corporate Center Charlotte NC |
It is hard to imagine why officials at Wells Fargo Bank in Charlotte, NC (formerly First Union Bank) would take no meaningful action after being notified (by a whistleblower) that unauthorized individuals had compromised their customer's checking and savings accounts' safety and security through the use of pretexting.
And especially surprising when the individuals who were stealing the highly sensitive information were employed as so-called information brokers by attorneys working for Bank of America (f/k/a Fleet Financial/Fleet Bank) and People's United Bank (f/k/a/ People's Bank of Connecticut) to steal sensitive information on demand in order to expedite debt collection and litigation operations.
There are many theories as to why the bank stayed silent. Still, the most plausible is that the bank's primary regulator, the Office of the Comptroller of the Currency (OCC), a bureau of the US Treasury Department, told them not to discuss the matter with anyone, let alone victims.
True to form, the OCC has always (it seems) placed the safety, security and reputation of the institutions it supervises over the interests of the American public
Hopefully, a new blog and podcast launched this fall: The Banks, Lawyers & Liars Project, will shine a light on what exactly Wells, the OCC along with others, were up to.
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