Identity Protection Equals Extortion
I don't really have anything to steal-- in fact, if you want to, you can steal my debt. I'd love to get rid of it. *grin*
Seriously, I have a lot of problems with how data is managed these days. Everytime I go to a store, it seems now they want my phone number, my zip code, my driver's license number, my blood pressure numbers, my blood sugar levels, the number of days left til my next birthday... well, you get the picture. Some of these requests are innocuous enough it doesn't bother me-- for example, my zip code is broad enough that I don't really care if they have that information. Some of the other stuff is a wee bit too much, a bit too personal, that I do think twice before I hand over anything.
In exchange for this, I'm trusting that they will be responsible with that information, that it will be treated with caution and consideration. But I still have suspicions; some of the "safeguards" companies and corporations have are fairly flimsy, and if something vital ever got leaked, I can expect that I could get screwed by some unscrupulous asshole.
Lately the news hasn't made me feel any better. Earlier this year, BofA, which used to be a great bank before it went all conglomerate, had a data breach. I'm not with BofA, so lucky for me. Not so lucky for the million who had their information lost. Just a few months ago, a cybercrime ring got a hold of bank account information. Again, I'm not banking with any of the companies involved, but it really is very disturbing this happened.
Now, Wells Fargo, an old company with an illustrious history in the West, has had their security breached. But instead of taking proactive steps to resolve the situation and prevent future leaks, what are they doing? They're *charging* us for security.
Let me see: a company that charges me for protection? Sounds like something from the "Dick Tracy" strips of the 30s. Back then they called this extortion. I believe we *still* call this extortion. According to the article, Wells Fargo's recent quarterly earnings add up to the tune of $1.9 billion. I think for $1.9 billion, a company that screwed up and compromised its customers could be proactive enough to take the lead in the industry and develop a comprehensive security program that doesn't rely on us shelling out $12.99 a month for "peace of mind." (back to the early Batman comic books and the "Dick Tracy" strips-- I keep envisioning bankers in pinstripe suits talking like gangsters: "If ya know what's good for ya, ya'll put up for some peace o' mind.")
Given the recent sloppy wet kisses to the banking and credit card industries in the form of the bankruptcy bill passed by Congress that goes into effect October 17 (click on that link if you have any interest in the subject: it's from a law firm website and is rather enlightening!), the ever-shortening grace periods for payment, the ever-increasing interest rates (another topic for a discussion of extortion!), the rampant, reckless marketing to youngsters at colleges and universities ("Your chance to be a grownup like mommy and daddy! Become indentured to our company for the rest of your life and receive a free t-shirt, or a coupon for half-off on a medium pizza! Sign up for a credit card NOW!"), and now, all of this carelessness in security measures, I think the industry owes the American public more than just half-hearted apologies. I'd like to see the use of Social Security numbers restricted for use by the federal government alone (even better, restricted to the Social Security Administration only, which is where the system originated, and where it should have remained!), with maybe a sole exception being employers (for tax purposes). I'd like to see a wider use of different passwords or security measures than just our mother's maiden name. The recent start-up of the free credit reports once a year is a good first step, but I'd like to see a more comprehensive partnership regarding security and monitoring happen between the industry and the public. I'd like for credit card offers and mass junk mailings to become a mandatory opt-in status quo; let corporations assume that we do *not* want to receive such offers unless we voluntarily opt-in for it, rather than the opposite, which is the current state.
Most of all, I hope other banks and companies do NOT follow Wells Fargo's lead; leave extortion to grifters and the mob. Otherwise I'm going to be rooting for some ethical, enterprising prosecutor to use the RICO act and go after these sharks.
Seriously, I have a lot of problems with how data is managed these days. Everytime I go to a store, it seems now they want my phone number, my zip code, my driver's license number, my blood pressure numbers, my blood sugar levels, the number of days left til my next birthday... well, you get the picture. Some of these requests are innocuous enough it doesn't bother me-- for example, my zip code is broad enough that I don't really care if they have that information. Some of the other stuff is a wee bit too much, a bit too personal, that I do think twice before I hand over anything.
In exchange for this, I'm trusting that they will be responsible with that information, that it will be treated with caution and consideration. But I still have suspicions; some of the "safeguards" companies and corporations have are fairly flimsy, and if something vital ever got leaked, I can expect that I could get screwed by some unscrupulous asshole.
Lately the news hasn't made me feel any better. Earlier this year, BofA, which used to be a great bank before it went all conglomerate, had a data breach. I'm not with BofA, so lucky for me. Not so lucky for the million who had their information lost. Just a few months ago, a cybercrime ring got a hold of bank account information. Again, I'm not banking with any of the companies involved, but it really is very disturbing this happened.
Now, Wells Fargo, an old company with an illustrious history in the West, has had their security breached. But instead of taking proactive steps to resolve the situation and prevent future leaks, what are they doing? They're *charging* us for security.
Let me see: a company that charges me for protection? Sounds like something from the "Dick Tracy" strips of the 30s. Back then they called this extortion. I believe we *still* call this extortion. According to the article, Wells Fargo's recent quarterly earnings add up to the tune of $1.9 billion. I think for $1.9 billion, a company that screwed up and compromised its customers could be proactive enough to take the lead in the industry and develop a comprehensive security program that doesn't rely on us shelling out $12.99 a month for "peace of mind." (back to the early Batman comic books and the "Dick Tracy" strips-- I keep envisioning bankers in pinstripe suits talking like gangsters: "If ya know what's good for ya, ya'll put up for some peace o' mind.")
Given the recent sloppy wet kisses to the banking and credit card industries in the form of the bankruptcy bill passed by Congress that goes into effect October 17 (click on that link if you have any interest in the subject: it's from a law firm website and is rather enlightening!), the ever-shortening grace periods for payment, the ever-increasing interest rates (another topic for a discussion of extortion!), the rampant, reckless marketing to youngsters at colleges and universities ("Your chance to be a grownup like mommy and daddy! Become indentured to our company for the rest of your life and receive a free t-shirt, or a coupon for half-off on a medium pizza! Sign up for a credit card NOW!"), and now, all of this carelessness in security measures, I think the industry owes the American public more than just half-hearted apologies. I'd like to see the use of Social Security numbers restricted for use by the federal government alone (even better, restricted to the Social Security Administration only, which is where the system originated, and where it should have remained!), with maybe a sole exception being employers (for tax purposes). I'd like to see a wider use of different passwords or security measures than just our mother's maiden name. The recent start-up of the free credit reports once a year is a good first step, but I'd like to see a more comprehensive partnership regarding security and monitoring happen between the industry and the public. I'd like for credit card offers and mass junk mailings to become a mandatory opt-in status quo; let corporations assume that we do *not* want to receive such offers unless we voluntarily opt-in for it, rather than the opposite, which is the current state.
Most of all, I hope other banks and companies do NOT follow Wells Fargo's lead; leave extortion to grifters and the mob. Otherwise I'm going to be rooting for some ethical, enterprising prosecutor to use the RICO act and go after these sharks.
posted by Mr. Sandman | 8:38 PM
<< Home