[softengine]

"The company admitted that it doesn't use encryption..."

All together now folks - Holy Sh.......

[Continental Soldier]

Is there any reason why CitiBank shouldn't be the subject of some very serious litigation in this matter? How dare they just blow it off by giving out a phone number to call?! It may be time to put to the fire the feet of one of the country's greatest userers!

[todd1]

If it wasn't for Sarbanes Oxly they would have never said anything about this. This is a huge compliance issue.

[NetValue]

The lawsuits would have to show financial damage to clients because the bank was negligent in using a plain-text tape and sending it via UPS. UPS has a liability too just for losing the tape. Considering the posible number of clients and the possible extent of financial damage, the bank's and UPS' liability could be ruinous to both.....billions IMHO.

[Alia]

Oh good lord. At least BofA in CA had a critical fire in their "tech center" not long after the eruption of BCCI... Sheez. "Can't find the tape". I see.

[hadit2here]

Welcome to United Package Smashers!

No, Seriously!

8^)

[oceanview]

until they start having to payoff on class action lawsuits from people who have suffered identify theft, they could care less.

[eyespysomething]

Earlier this year a backup tape belonging to Ameritrade went astray, with personal information on 200,000 customers; Time Warner lost a tape containing information on 600,000 individuals, and Bank of America and Wachovia suffered a data breach affecting 100,000 customers each in May.

Tinfoil hat time. Are all these tied together?

[HereInTheHeartland]

" The company admitted that it doesn't use encryption on its electronic transmissions"

I admit to being fairly stunned by this tidbit. I work for a large bank and every system we touch has many layers of security.
But if the morons have naked backup tapes; well they should suffer painful physical torture.

[Just mythoughts]

Our local (KC news) said that one should get insurance to cover identify theft. I wonder if Citibank sells this type of insurance????

[Chief_Joe]

...Citigroup has admitted that a backup tape containing personal information on almost 4 million customers has gone missing...

Earlier this year a backup tape belonging to Ameritrade went astray, with personal information on 200,000 customers; Time Warner lost a tape containing information on 600,000 individuals, and Bank of America and Wachovia suffered a data breach affecting 100,000 customers each in May.

Gee, I wonder if has anything to do with...I can't quite put my finger on it...Nah, couldn't be...ha ha hah!

BTW, I believe that B of A and Wachovia 100K number is the low guestimate: it's more like  half a mil. ea.

[js1138]

He who steals MY purse steals trash.