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NYT: Zions, other banks play a role in allowing fraud against older Americans

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  • mssr Provo, UT
    June 11, 2013 7:01 p.m.

    Disgusting. Bankers who knew about this and still did nothing should be going to prison.

  • lost in DC West Jordan, UT
    June 12, 2013 8:16 a.m.

    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

  • one old man Ogden, UT
    June 12, 2013 4:37 p.m.

    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.

  • lost in DC West Jordan, UT
    June 14, 2013 8:38 a.m.

    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.

  • Full Sunset, UT
    June 14, 2013 10:06 a.m.

    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."