AFFIRMATIVE-CONSUMER/INTERNET-OTHER AFFIRMATIVES 382
BANKING & FINANCIAL INSTITUTIONS SIGNIFICANCE
BANKS SELL CREDIT CARD NUMBERS TO ANYONE
Los Angeles Times, September 14, 1999, SECTION: Metro; Part B; Page 6; TITLE: YOUR PRIVACY FOR SALE // acs-EE2001
Banks have been selling detailed financial information about their customers to just about anybody. As reported by The Times Saturday, a small San Fernando Valley bank in doing so has become an unwitting accessory to a huge credit card scam. The bank sold 3.7 million credit card numbers to a felon, who then allegedly bilked cardholders out of millions of dollars. As outrageous as this case may be for the victims, in the eyes of the law it seems the bank itself has done nothing wrong. That provides the strongest argument yet for a federal privacy law to protect consumers from their own banks. Transfer of credit card numbers to outsiders should be prohibited.
BANKS ARE SUPERMARKETS FOR PRIVATE INFORMATION
Los Angeles Times, July 23, 1999, SECTION: Metro; Part B; Page 6; TITLE: PRIVACY PROTECTION // acs-EE2001
A consumer's name and Social Security number are worth a good deal of money. More so if they come with address, phone number, credit card purchases and bank account balance. Banks, which have all this information on their depositors, are raking it in, selling data about their customers to just about anyone who will pay for it.
BANKS ARE HUGE PRIVCY ABUSERS
Los Angeles Times, June 14, 1999, SECTION: Metro; Part B; Page 4; TITLE: PRIVACY ABUSES BY BANKS // acs-VT2001
Banks are no longer the friendly, discreet custodians of their depositors' money, judging by hundreds of thousands of consumer complaints to federal and state banking regulators. In fact, without public knowledge, banks are making millions peddling crucial information about their depositors. The abuse--especially by the large national banks--gives a new definition to bank robbery. Federal regulators have taken notice, and some states are hauling banks into court.