Torn Up Credit Card Aps? No Problem.
Bank of America, whose tellers, seven times, gave away a total of $12K of my money to thieves with only a fake driver's license and the wrong expiration date, strikes (out) again, as one of those who granted credit to somebody who tested them by sending in a ripped up credit card ap. From NBCChicago, Lisa Parker reports:
Five applications were torn up, some into as many as two dozen pieces, and then taped them back together. Target 5's Lisa Parker reported that she wrote around the tape, filling out the application the way an identity thief might if he had been digging in the garbage. The result was a messy, crooked patchwork....The results of sending in five taped-up applications were three new credit cards, from MBNA, Bank of America and Chase, with credit lines worth more than $21,000. They were new accounts opened based on Parker's Social Security number and basic financial information. On the Bank of America application, Parker said she changed her address to one where she has never lived, and the card was sent there.
"I'm shocked," Colen said. "I'm surprised, and I'm disappointed in the banking industry. The easier they make it for people -- for the wrong people -- to get credit cards, the more difficult our job becomes."
Privacy advocate Bob Bulmash was a bit more blunt.
"What were they thinking?" he said. "It's like opening the door to a bank for a guy with a mask on -- it's evident there is something wrong here."
Yeah, B of A, keep up those "multiple levels of security" your spokesenabler Betty Riess bragged to the press about. (Do let us know when we actually encounter one of them.)
Word to everyone: Don't assume anyone -- the government, financial institutions, the police -- is protecting you or will protect you. Freeze your credit, buy a microshredder, and burn the remains of what you shred if it isn't against the fire laws where you live.
I only have one credit card and just recently went into my bank to replace it with a different plan. I explicitly asked them NOT to mail it to me, but have it delivered to the bank where I would pick it up because a previous card had disappeared out of my mailbox.
Not too happy yesterday when I found the card in my mailbox...and less happy when I discovered it didn't even need to be activated. I've never had a problem with TD before, but this seems like a total lapse. It was basically $10,000 just sitting in my mailbox by the side of the road. I called customer service and they said they don't require activation when you switch service to avoid any inconvenience of being without a card for a few days. They, of course, also told me I'd be reimbursed if someone had stolen the card (damn my morals!!). But she understood my concern about someone setting up other fraudulent credit in my name and gave me a "complaints" e-mail address. Not sure it will go anywhere, but I'm interested to see if they respond in any way. Everyone know you don't mail cash -- duh! But $10,000 on a ready-to-go credit card -- no problems!
moreta at October 24, 2008 8:01 AM
On the Bank of America application, Parker said she changed her address to one where she has never lived, and the card was sent there.
I've only lived in two states along the West Coast. When my ID was stolen, it was by someone who listed my address as being in Tennessee. Anyone who actually had looked at my credit report should have questioned that pattern.
It wouldn't be a bad idea for credit card applications to require verification of ID whenever the address for the card is a brand new address.
The other issue is the high rates of credit interest. The banks justify rates of 18% and 29% by complaining about the rampant fraud. But why is there rampant fraud? Because of the manner in which they hand out credit.
jerry at October 24, 2008 8:16 AM
I would say burn the reamians even if it is illegal to burn in your area.
You have a constitutional right to be secure in your person and posesions and in the digital age your identiy IS your person
lujlp at October 24, 2008 8:35 AM
More fuel for the "Religious vehemence against Credit Cards". (I'm one of the "wack-o's" who've jumped on the non-credit-card-having bandwagon).
Fist-o at November 4, 2008 2:34 PM
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