23 Jul Wells Fargo Mistakenly Releases a Large Collection of Affluent Clients’ Data
Last Friday, bank company Wells Fargo came under scrutiny after accidentally providing account information of at least 50,000 high-end clients to Gary Sinderbrand.
Sinderbrand requested records relating to a separate defamation case, but was surprised to receive a massive file including 1.4GB of records complete with names, social security numbers, investment portfolios, and fees charged from very powerful investors.
Accidental release of the data subjects Wells Fargo to privacy regulations, where they must inform all concerned parties that highly sensitive data has been exposed. Since the massive file was given to Sinderbrand, he could opt to include all the data in legal records, which in turn would make the files available in public.
The incident calls the bank’s privacy and security protocols into question, as large financial institutions should have strict measures in place.
To date, Wells Fargo released a statement saying they are investigating the matter.
Source: The New York Times