#255266 by TerranceBoyce
Tue Jun 09, 2015 7:29 am
http://uk.businessinsider.com/schneiderman-orders-banks-to-limit-teller-access-to-info-2015-6?
This is of particular interest to me having retired from a UK bank, and my suspicion that there may be a link with a widespread nationwide fraud in the UK known as 'courier fraud'. Most victims have no recourse against their bank however, if it were the case that the contact information had come from the bank itself, then the situation would be completely different.
From my own experience I know that in the UK virtually every member of bank staff has full access to customer details, and even back room and temporary staff. In itself that isn't a problem but when employing staff at minimal rates that information has a monetary value and, for marketing purposes it can easily be 'sorted' on demographic lines, which would be as useful to a fraudster as a member of the bank sales team. This is important as those most vulnerable to 'courier fraud' are the elderly and apart from GP surgery lists, I can't think of anywhere else that information could come from.
It wouldn't be difficult for this to be verified as 'courier fraud' attacks usually affect small areas at a time and, by checking who has accessed those accounts. it can be seen if the same bank staff are involved each time.
Personally I don't think there is any stomach in the UK to investigate this as the outcome would be to make banks liable for all these losses. However, by doing nothing, not only does it make UK banks a prime source of financial information to the criminal world, there is no telling how these funds are used once stolen - e.g. terrorism.
There have been individual cases where it is obvious that the information has come from the bank, when the fraudster has known specific details about the account that could not come from anywhere else. Normally banks have settled those cases quickly without mentioning why. I keep links to all news reports.
5 people have been arrested for identity theft and now the Attorney General is calling Wall Street out
In a letter to several New York banks Friday, Attorney General Eric Schneiderman urged bank management to tighten policies, create more accountability, oversight, and check points for tellers in light of arrests left unnamed in the memo, in which tellers at some of the largest banks in New York stole millions from hundreds of customers in the state and the East Coast.
This is of particular interest to me having retired from a UK bank, and my suspicion that there may be a link with a widespread nationwide fraud in the UK known as 'courier fraud'. Most victims have no recourse against their bank however, if it were the case that the contact information had come from the bank itself, then the situation would be completely different.
From my own experience I know that in the UK virtually every member of bank staff has full access to customer details, and even back room and temporary staff. In itself that isn't a problem but when employing staff at minimal rates that information has a monetary value and, for marketing purposes it can easily be 'sorted' on demographic lines, which would be as useful to a fraudster as a member of the bank sales team. This is important as those most vulnerable to 'courier fraud' are the elderly and apart from GP surgery lists, I can't think of anywhere else that information could come from.
It wouldn't be difficult for this to be verified as 'courier fraud' attacks usually affect small areas at a time and, by checking who has accessed those accounts. it can be seen if the same bank staff are involved each time.
Personally I don't think there is any stomach in the UK to investigate this as the outcome would be to make banks liable for all these losses. However, by doing nothing, not only does it make UK banks a prime source of financial information to the criminal world, there is no telling how these funds are used once stolen - e.g. terrorism.
There have been individual cases where it is obvious that the information has come from the bank, when the fraudster has known specific details about the account that could not come from anywhere else. Normally banks have settled those cases quickly without mentioning why. I keep links to all news reports.
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