30 July 2016
Find out more

TD Bank loses customer data

16 October 2012  |  5064 views  |  3 Vault combination lock

TD Bank has lost data tapes containing the names, account information and social security numbers of 260,000 US customers.

The unencrypted tapes were lost during transit in March, a spokeswoman told Reuters, stressing that there is no evidence that the data has been misused.

TDF Bank says it is investigating the loss, has called in law enforcement and will offer affected customers credit monitoring and identity theft protection.

In a statement, Martha Coakley, Attorney General for Massachusetts - home of 73,000 of the customers - says: "We will be reviewing the circumstances of this breach and the steps that TD Bank is taking to address the loss."

Comments: (3)

A Finextra member
A Finextra member | 17 October, 2012, 08:16

The unencrypted tapes were lost during transit in March

Why the hell were the tapes unencrypted?  Hopefully there will be consesquences (for the company, not its customers!).

Be the first to give this comment the thumbs up 0 thumb ups! (Log in to thumb up)
Steven Fenton
Steven Fenton - X - London | 17 October, 2012, 08:41

Usually complaints from the Business, or BCP type groups claim that the Return to operations (RTO) takes longer with encryption. This is why the fine needs to be large enough to make it not just a cost of doing business, espeacially when placed next to expensive downtime. Otherwise the corp will take the self-interest option and not take the due care needed. Also its worth noting if they perceive the probability of being caught low they will also be more willing to see this as a long term cost of doing business. As individuals we see the moral side, but for the project manager or business they see the conflicting group interest of the group who pays them to deliver! (this is a stronger incentive) This is exactly why banks need institutional pressure to keep the wider interest of society in the picture.

As someone once said “Corps have neither bodies to be punished, nor souls to be condemned, they therefore do as they like” i.e. the bigger they get the less moral compass they have!

Be the first to give this comment the thumbs up 0 thumb ups! (Log in to thumb up)
Ketharaman Swaminathan
Ketharaman Swaminathan - GTM360 Marketing Solutions - Pune | 19 October, 2012, 18:49

I love the way such announcements quick add, "there is no evidence that the data has been misused" as though anyone expects the bank to take too much efforts to collect evidence of misuse! Instead of such vague commitments, I hope regulators compel banks to instead gather evidence that the compromised data is not not being misused.

Be the first to give this comment the thumbs up 0 thumb ups! (Log in to thumb up)
Comment on this story (membership required)

Finextra news in your inbox

For Finextra's free daily newsletter, breaking news flashes and weekly jobs board: sign up now

Related stories

FSA fines Zurich £2.275m over customer data loss

FSA fines Zurich £2.275m over customer data loss

24 August 2010  |  9391 views  |  0 comments
Zurich loses personal data of 51,000 UK customers

Zurich loses personal data of 51,000 UK customers

22 October 2009  |  4222 views  |  0 comments
Bank of New York Mellon breach gets bigger

Bank of New York Mellon breach gets bigger

29 August 2008  |  26170 views  |  0 comments

Related company news

 

Related blogs

Create a blog about this story (membership required)
Visit VocaLink.comVisit capgemini.comFind out more

Who is commenting?

Top topics

Most viewed Most shared
Groupe BPCE agrees to buy FidorGroupe BPCE agrees to buy Fidor
8215 views comments | 36 tweets | 55 linkedin
Telefonica Germany launches Fidor-backed mobile banking serviceTelefonica Germany launches Fidor-backed m...
7112 views comments | 16 tweets | 22 linkedin
hands typing furiouslyManaging Big Data After Brexit
6783 views 0 | 6 tweets | 8 linkedin
Indian digital payments market to hit $500bn by 2020 - GoogleIndian digital payments market to hit $500...
5777 views comments | 24 tweets | 18 linkedin

Featured job


Brussels (Belgium) or Paris (France)

Find your next job