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Identity Thieves Target Big Banks

POSTED: 9:14 pm MST January 11, 2010
UPDATED: 8:27 am MST January 12, 2010

If you have an account at a major bank, chances are you may have been put at risk for identity theft, according to members of the Merchants Identity Theft Advisory Board.

"All of the large banks have been victims of data breaches,” said Russell Johnson, an identity theft expert and member of the board.

The Wall Street Journal reported an attack on Citigroup by hackers linked to a Russian gang last month.

In September, Chase Bank sent letters to customers informing them a computer tape containing customers' personal information went missing.

Other major banks that have been targeted include Bank of America, Wells Fargo, PNC Bank, U.S. Bank, SunTrust Bank, Citizens Bank and Capitol One.

"When you look at nine of the top 10 banks in the United States, they've been breached,” said Mark Pribish, identity theft risk management expert and president of the advisory board. “They've had breach events -- information's been lost or stolen -- at nine of the 10 banks multiple times in the last few years.”

The identity thieves are often insiders, including disgruntled employees or vendors hired to manage part of a banks’ business, according to Pribish.

Hackers from Russia and other Eastern European nations are also to blame, Johnson said.

CBS 5 News talked to a Bank of America customer who had been the victim of one recent security breach.

Rob, who did not want to reveal his last name, received a letter Saturday saying his Bank of America debit card account information had been compromised, his account was being closed, and he was being issued a new card.

"It's just a little scary. Where's my data be going to be?” he said.

He said banks should be doing more to protect customer from identity thieves.

“We've given them as taxpayers a ton of money for TARP and everything else,” he said. “And I see every day more about the bonuses being paid out, well, why aren't they spending a fraction of that for better security?”

Pribish and Johnson said, in this computer age, people are always at risk for identity theft.

They still recommending taking basic precautions, including shredding documents and limiting the amount of personal information given out when possible.

If you find yourself in Rob’s situation, where you know your information is at risk, you should change your debit and credit account numbers.

Also, pay to monitor your credit report and pay close attention to your accounts.

Finally, check the status of your spouse and children’s credit information. If your information was stolen, chances are identity thieves also have your family’s information.

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