A report reveals that bank employees, often low-wage workers, are selling customer data to online fraudsters, facilitating complex scams targeting Americans' savings. This exposes a major security vulnerability in bank systems despite prior warnings and assurances from banks that customers are responsible for preventing scams.
Bank staffers are selling client data in back-door deals with online fraudsters — helping to facilitate sophisticated scams that target the live savings of Americans, according to a report.
Former Modell's owner wants to save bankrupt retailers Party City, Big Lots: 'Our goal is to save 33K jobs' Among the incidents cited by Bloomberg was a new staffer at Toronto-Dominion Bank who was hired to detect money laundering from a New York outpost. Instead, she used her internal access to leak customers’ personal information to a criminal network via Telegram, according to Manhattan prosecutors. Her phone allegedly had photos of 255 checks belonging to bank customers, as well as personal information from 70 more, according to detectives.
Helms pleaded no contest to 11 charges in a deal with prosecutors this year and was sentenced to 10 years’ probation. He was ordered to pay about $9,100 in restitution to the credit union.TD Bank was fined $3 billion in a historic settlement with US authorities after multiple branch employees accepted gift cards or cash bribes.
Bank Security Data Breaches Fraud Insider Threats Cybercrime
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