Bank of America incurred a loss of at least $10 million (£6 million) as one of the insider sold customer data to outsiders.
Though the customers are being notified of the incident, but the bank is reluctant to provide many details of the case. The case is under investigation and the bank says that a former associate provided customer information to outsiders which were then used to commit fraud against the customers.
The scammers had stolen, “names, addresses, Social Security numbers, phone numbers, bank account numbers, driver’s license numbers, birth dates, email addresses, mother’s maiden names, PINs and account balances.” This information were then used for identity theft. The scammers ordered boxes of cheques and got them delivered to a UPS outlet where they picked them up. And also to prevent BofA from warning the victim, the scammers contacted the telephone company of the victims and rerouted the calls to scammer’s mobile phones.
Source : Techworld
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