Disgusting. Bankers who knew about this and still did nothing should be going to
Wonder why the NYT targeted Zions? Almost ALL banks and credit unions allow
automatic ACH transfers and other such services for their customers to pay for
products and services they buy. Yeah, they need to underwrite the merchants
with whom they deal, but at some point, consumers need to be responsible for who
they give their information to. GLBA, for all the vitriol directed
at it from the left, prohibits banks from giving customer information and
requires that they safeguard it
lost, are you SURE?If that's the case, how does so much
information about our mortgages and other personal money matters make its way to
WalMart and other big retailers. Are you SURE the banks are not involved?I'll trust NSA long before I will trust Big Money.
old man,I did not say Zions was not involved. How can they not be
involved if they are processing the transactions?But as far as info
about our mortages making its way to Walmart, ask the OCC and Federal Reserve
why they do not adequately enforce GLBA.
They left off the best part of the NY Times article. Where Zion's seems to
know fraud is happening but the money they make is worth it. "Reviewing complaints about one Internet merchant, a Zions vice president
wrote, “Every red flag possible went off in my head.” And yet the bank kept handling the transactions, court records show. Why? One
payment processor executive suggested an answer: the business was a gold mine.
“Turning them off and sending them somewhere else is not an
option,” this executive told Zions in an e-mail in September 2007."